3M Company (MMM) Given Outperform Rating at William Blair
William Blair reaffirmed their outperform rating on shares of 3M Company (NYSE:MMM) in a research note published on Wednesday morning. William Blair also issued estimates for 3M’s Q3 2017 earnings at $2.09 EPS, Q4 2017 earnings at $2.06 EPS and FY2018 earnings at $9.35 EPS.
MMM has been the subject of a number of other research reports. Stifel Nicolaus raised their price objective on 3M from $190.00 to $202.00 and gave the company a hold rating in a research report on Wednesday, April 26th. Zacks Investment Research upgraded 3M from a hold rating to a buy rating and set a $213.00 target price on the stock in a research note on Wednesday, March 29th. Vetr upgraded 3M from a sell rating to a hold rating and set a $183.19 target price on the stock in a research note on Friday, April 14th. Morgan Stanley reiterated an underweight rating and set a $191.00 target price (down from $193.00) on shares of 3M in a research note on Monday, July 10th. Finally, Credit Suisse Group reiterated a buy rating on shares of 3M in a research note on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $203.40.
3M (NYSE MMM) opened at 199.72 on Wednesday. 3M has a 52-week low of $163.85 and a 52-week high of $214.57. The firm has a 50-day moving average price of $209.43 and a 200 day moving average price of $194.56. The stock has a market cap of $119.19 billion, a PE ratio of 22.78 and a beta of 1.09.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period last year, the business earned $2.08 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts forecast that 3M will post $8.94 earnings per share for the current fiscal year.
In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total value of $2,877,598.08. Following the transaction, the vice president now directly owns 24,480 shares in the company, valued at approximately $4,770,662.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kimberly F. Price sold 3,016 shares of the firm’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $198.11, for a total value of $597,499.76. Following the completion of the transaction, the insider now owns 9,292 shares in the company, valued at $1,840,838.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,698 shares of company stock worth $6,593,443. Company insiders own 0.58% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Pekin Singer Strauss Asset Management IL increased its position in 3M by 16.1% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 2,068 shares of the conglomerate’s stock worth $369,000 after buying an additional 287 shares during the period. Wealthfront Inc. increased its position in 3M by 0.8% in the fourth quarter. Wealthfront Inc. now owns 16,310 shares of the conglomerate’s stock valued at $2,912,000 after buying an additional 125 shares during the period. Jackson Grant Investment Advisers Inc. increased its position in 3M by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 714 shares of the conglomerate’s stock valued at $128,000 after buying an additional 4 shares during the period. Perigon Wealth Management LLC increased its position in 3M by 14.1% in the fourth quarter. Perigon Wealth Management LLC now owns 28,699 shares of the conglomerate’s stock valued at $5,466,000 after buying an additional 3,544 shares during the period. Finally, Whalerock Point Partners LLC increased its position in 3M by 24.3% in the fourth quarter. Whalerock Point Partners LLC now owns 4,092 shares of the conglomerate’s stock valued at $731,000 after buying an additional 800 shares during the period. Hedge funds and other institutional investors own 65.78% of the company’s stock.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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