3M’s (MMM) Buy Rating Reaffirmed at Credit Suisse Group AG
Other research analysts have also recently issued reports about the stock. Morgan Stanley reiterated a sell rating on shares of 3M in a report on Friday, June 10th. Jefferies Group reiterated a buy rating on shares of 3M in a report on Wednesday, July 6th. Sanford C. Bernstein reiterated a market perform rating on shares of 3M in a report on Monday, June 27th. Finally, Deutsche Bank AG reiterated a hold rating and set a $164.00 target price on shares of 3M in a report on Thursday, August 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $165.18.
3M (NYSE:MMM) opened at 177.09 on Friday. The stock’s 50 day moving average is $179.06 and its 200 day moving average is $171.43. The stock has a market capitalization of $107.03 billion, a PE ratio of 22.60 and a beta of 1.07. 3M has a 12-month low of $134.64 and a 12-month high of $182.27.
3M (NYSE:MMM) last issued its earnings results on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.73 billion. During the same period in the prior year, the business earned $2.02 EPS. The firm’s quarterly revenue was down .3% on a year-over-year basis. Equities analysts anticipate that 3M will post $8.21 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were given a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date of this dividend was Wednesday, August 17th. 3M’s dividend payout ratio is presently 56.63%.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the transaction, the vice president now directly owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James L. Bauman sold 9,066 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $178.42, for a total transaction of $1,617,555.72. Following the transaction, the insider now directly owns 10,834 shares of the company’s stock, valued at $1,933,002.28. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Cable Hill Partners LLC raised its position in 3M by 5.0% in the second quarter. Cable Hill Partners LLC now owns 583 shares of the company’s stock valued at $103,000 after buying an additional 28 shares during the period. Reilly Financial Advisors LLC raised its position in 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock valued at $113,000 after buying an additional 178 shares during the period. CenturyLink Investment Management Co purchased a new position in 3M during the second quarter valued at $116,000. Jackson Grant Investment Advisers Inc. raised its position in 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock valued at $124,000 after buying an additional 49 shares during the period. Finally, Cascade Investment Advisors Inc. purchased a new position in 3M during the second quarter valued at $125,000. 65.71% of the stock is owned by institutional investors.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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