3M (NYSE:MMM) Upgraded by Melius Research to “Buy”

3M (NYSE:MMM) was upgraded by equities research analysts at Melius Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a $180.00 price objective on the conglomerate’s stock. Melius Research’s price objective points to a potential upside of 40.73% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and upped their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Citigroup upped their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Barclays boosted their price target on 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada raised their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $135.67.

3M Stock Performance

Shares of MMM opened at $127.91 on Tuesday. 3M has a 1 year low of $72.47 and a 1 year high of $141.34. The stock has a market capitalization of $70.78 billion, a P/E ratio of -10.06, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The company’s fifty day moving average is $133.07 and its two-hundred day moving average is $113.57.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the company posted $2.68 earnings per share. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, sell-side analysts predict that 3M will post 7.24 earnings per share for the current year.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

A number of large investors have recently bought and sold shares of the stock. Capital World Investors acquired a new stake in shares of 3M during the 1st quarter worth $165,986,000. International Assets Investment Management LLC lifted its stake in shares of 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of 3M by 218.3% during the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after purchasing an additional 1,021,440 shares during the period. Janus Henderson Group PLC increased its position in 3M by 1,015.6% during the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after purchasing an additional 808,914 shares in the last quarter. Finally, Electron Capital Partners LLC purchased a new position in 3M in the second quarter valued at approximately $76,732,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.