3M (NYSE:MMM) Stock Rating Cut to Peer Perform at Wolfe Research

3M (NYSE:MMM) was downgraded by equities researchers at Wolfe Research from an “outperform” rating to a “peer perform” rating in a report issued on Thursday, MarketBeat Ratings reports.

Several other research firms also recently issued reports on MMM. UBS Group set a $230.00 price objective on shares of 3M in a report on Wednesday, November 4th. Sanford C. Bernstein lifted their target price on shares of 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a report on Wednesday, October 21st. Argus began coverage on shares of 3M in a report on Wednesday, November 4th. They issued a “strong-buy” rating on the stock. Wells Fargo & Company assumed coverage on shares of 3M in a research report on Thursday, September 24th. They set an “equal weight” rating and a $195.00 target price for the company. Finally, The Goldman Sachs Group upped their price target on shares of 3M from $200.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $190.07.

3M Price Performance

Shares of NYSE:MMM opened at $188.80 on Thursday. 3M has a fifty-two week low of $139.34 and a fifty-two week high of $196.90. The business has a 50-day moving average of $169.98 and a two-hundred day moving average of $162.23. The stock has a market capitalization of $97.56 billion, a P/E ratio of 28.14, a P/E/G ratio of 2.47 and a beta of 1.01. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. 3M had a return on equity of 123.11% and a net margin of 14.01%. The business had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter in the prior year, the firm posted $2.19 EPS. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities research analysts predict that 3M will post 9.14 EPS for the current fiscal year.

3M announced that its board has authorized a stock repurchase plan on Wednesday, November 4th that allows the company to repurchase $6 billion in shares. This repurchase authorization allows the conglomerate to purchase up to 6.6% of its shares through open market purchases. Share repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On 3M

A number of institutional investors and hedge funds have recently bought and sold shares of MMM. TIAA CREF Individual & Institutional Services LLC boosted its holdings in 3M by 8.1% in the 3rd quarter. TIAA CREF Individual & Institutional Services LLC now owns 35,834 shares of the conglomerate’s stock valued at $5,882,000 after purchasing an additional 2,699 shares during the period. TIAA Trust National Association increased its holdings in shares of 3M by 6.2% during the 3rd quarter. TIAA Trust National Association now owns 4,111 shares of the conglomerate’s stock worth $675,000 after purchasing an additional 241 shares during the period. Advisors Asset Management Inc. bought a new position in shares of 3M during the 3rd quarter worth about $417,000. WealthTrust Axiom LLC raised its position in shares of 3M by 31.0% during the third quarter. WealthTrust Axiom LLC now owns 3,902 shares of the conglomerate’s stock valued at $641,000 after buying an additional 923 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new position in shares of 3M during the third quarter valued at about $17,011,000. Institutional investors own 65.25% of the company’s stock.

About 3M

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes. Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St. Paul, Minnesota.