Royal Bank Of Canada Reiterates Sector Perform Rating for 3M Company (MMM)
Royal Bank Of Canada reaffirmed their sector perform rating on shares of 3M Company (NYSE:MMM) in a research report report published on Wednesday. They currently have a $209.00 price objective on the conglomerate’s stock, down from their previous price objective of $210.00.
A number of other research firms have also recently issued reports on MMM. William Blair reaffirmed an outperform rating on shares of 3M in a report on Wednesday. BidaskClub cut shares of 3M from a buy rating to a hold rating in a report on Monday, July 24th. Stifel Nicolaus reaffirmed a hold rating and issued a $202.00 price target on shares of 3M in a report on Wednesday, July 19th. Morgan Stanley reaffirmed an underweight rating and issued a $191.00 price target (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. Finally, Zacks Investment Research raised shares of 3M from a hold rating to a buy rating and set a $237.00 price target for the company in a report on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $203.40.
Shares of 3M (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 company has a market cap of $119.19 billion, a P/E ratio of 22.78 and a beta of 1.09. The firm has a 50-day moving average of $209.43 and a 200-day moving average of $194.56.
3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS 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 firm had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period in the previous year, the company earned $2.08 EPS. The company’s revenue was up 1.9% on a year-over-year basis. Equities research analysts forecast that 3M will post $8.94 earnings per share for the current year.
In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total value of $2,877,598.08. Following the sale, the vice president now owns 24,480 shares in the company, valued at $4,770,662.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James L. Bauman sold 14,616 shares of the stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the completion of the sale, the insider now owns 16,458 shares in the company, valued at approximately $3,222,640.98. The disclosure for this sale can be found here. Insiders sold 33,698 shares of company stock worth $6,593,443 in the last quarter. Company insiders own 0.58% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Howard Capital Management raised its stake in 3M by 1.4% in the first quarter. Howard Capital Management now owns 6,577 shares of the conglomerate’s stock worth $1,258,000 after buying an additional 90 shares during the last quarter. Arvest Bank Trust Division raised its stake in 3M by 11.6% in the first quarter. Arvest Bank Trust Division now owns 2,340 shares of the conglomerate’s stock valued at $448,000 after buying an additional 244 shares in the last quarter. Loeb Partners Corp raised its stake in 3M by 138.9% in the first quarter. Loeb Partners Corp now owns 8,600 shares of the conglomerate’s stock valued at $1,646,000 after buying an additional 5,000 shares in the last quarter. Pekin Singer Strauss Asset Management IL raised its stake 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 valued at $369,000 after buying an additional 287 shares in the last quarter. Finally, West Oak Capital LLC raised its stake in 3M by 100.6% in the first quarter. West Oak Capital LLC now owns 2,758 shares of the conglomerate’s stock valued at $528,000 after buying an additional 1,383 shares in the last quarter. 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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