3M (NYSE:MMM) Upgraded to Strong-Buy at HSBC

3M (NYSE:MMM) was upgraded by stock analysts at HSBC to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks reports.

A number of other research firms have also recently weighed in on MMM. Royal Bank Of Canada upped their price target on 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a report on Wednesday. Weiss Ratings raised 3M from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. JPMorgan Chase & Co. raised their price objective on 3M from $185.00 to $191.00 and gave the company an “overweight” rating in a report on Wednesday. Mizuho boosted their price objective on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Finally, Sanford C. Bernstein upped their target price on 3M from $171.00 to $197.00 and gave the stock a “market perform” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $185.36.

3M Stock Down 1.1%

MMM opened at $173.62 on Thursday. 3M has a fifty-two week low of $139.34 and a fifty-two week high of $184.90. The company has a debt-to-equity ratio of 3.01, a quick ratio of 0.91 and a current ratio of 1.41. The company has a fifty day moving average of $168.84 and a two-hundred day moving average of $162.21. The stock has a market capitalization of $89.72 billion, a price-to-earnings ratio of 25.88, a PEG ratio of 2.29 and a beta of 0.99.

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

Insider Activity at 3M

In other news, insider Karin Chavez sold 3,635 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total value of $663,423.85. Following the transaction, the insider owned 14,035 shares in the company, valued at $2,561,527.85. This trade represents a 20.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by insiders.

Institutional Trading of 3M

Several large investors have recently made changes to their positions in MMM. Amundi lifted its holdings in 3M by 67.0% in the 2nd quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after purchasing an additional 1,819,178 shares in the last quarter. Ascentis Wealth Management LLC boosted its stake in 3M by 22,972.5% during the 2nd quarter. Ascentis Wealth Management LLC now owns 347,472 shares of the conglomerate’s stock worth $56,259,000 after purchasing an additional 345,966 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 3M by 7.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock worth $637,202,000 after buying an additional 270,458 shares in the last quarter. Nykredit A S purchased a new stake in shares of 3M during the second quarter worth $21,453,000. Finally, Engineers Gate Manager LP grew its holdings in shares of 3M by 74.0% during the second quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate’s stock worth $46,574,000 after buying an additional 122,368 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.