3M (NYSE:MMM) Receives Average Recommendation of “Hold” from Brokerages

Shares of 3M (NYSE:MMM) have been given a consensus recommendation of “Hold” by the twelve analysts that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $111.58.

Several research firms have recently weighed in on MMM. Citigroup lifted their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. UBS Group lifted their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Barclays lifted their target price on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Mizuho restated a “neutral” rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Finally, StockNews.com assumed coverage on 3M in a research note on Thursday, June 6th. They set a “buy” rating on the stock.

Institutional Trading of 3M

Large investors have recently added to or reduced their stakes in the stock. Tributary Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M in the 1st quarter valued at $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M in the 4th quarter valued at $35,000. Finally, CGC Financial Services LLC lifted its stake in shares of 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Up 1.0 %

Shares of MMM opened at $101.62 on Wednesday. The company has a market cap of $56.23 billion, a PE ratio of -7.99, a P/E/G ratio of 1.90 and a beta of 0.95. The business has a fifty day moving average of $99.39 and a 200 day moving average of $99.18. 3M has a 52-week low of $71.12 and a 52-week high of $106.04. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same period last year, the company earned $1.97 earnings per share. On average, sell-side analysts expect that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

About 3M

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.