3M Company (MMM) Rating Lowered to Underweight at J P Morgan Chase & Co
3M Company (NYSE:MMM) was downgraded by investment analysts at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a research note issued to investors on Wednesday. They currently have a $201.00 price target on the conglomerate’s stock, up from their prior price target of $185.00. J P Morgan Chase & Co’s price objective points to a potential downside of 4.52% from the company’s previous close.
A number of other equities research analysts have also commented on the stock. Royal Bank Of Canada restated a “hold” rating and set a $209.00 price objective on shares of 3M in a report on Friday, September 15th. Bank of America Corporation restated a “buy” rating and set a $227.00 price objective on shares of 3M in a report on Thursday, September 14th. Jefferies Group LLC restated a “buy” rating and set a $234.00 price objective on shares of 3M in a report on Wednesday, August 16th. Stifel Nicolaus restated a “hold” rating and set a $210.00 price objective on shares of 3M in a report on Friday, July 28th. Finally, Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. 3M presently has an average rating of “Hold” and an average target price of $207.35.
3M (NYSE MMM) opened at 210.44 on Wednesday. The stock’s 50 day moving average is $206.16 and its 200 day moving average is $201.42. The stock has a market capitalization of $125.58 billion, a PE ratio of 24.00 and a beta of 1.08. 3M has a 12-month low of $163.85 and a 12-month high of $214.65.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same quarter in the previous year, the business earned $2.08 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. Analysts forecast that 3M will post $8.95 EPS for the current year.
In other news, insider Frank R. Jr. Little sold 2,719 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the completion of the transaction, the insider now owns 9,010 shares of the company’s stock, valued at approximately $1,856,330.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last three months, insiders sold 9,112 shares of company stock valued at $1,878,890. Insiders own 0.58% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. MPS Loria Financial Planners LLC bought a new position in shares of 3M in the 2nd quarter valued at about $124,000. Proficio Capital Partners LLC grew its position in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after acquiring an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. grew its position in shares of 3M by 0.6% in the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after acquiring an additional 4 shares during the period. Harfst & Associates Inc. grew its position in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after acquiring an additional 100 shares during the period. Finally, One Capital Management LLC bought a new position in shares of 3M in the 1st quarter valued at about $202,000. 66.20% of the stock is owned by institutional investors.
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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