3M’s (MMM) “Underperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their underperform rating on shares of 3M (NYSE:MMM) in a report released on Thursday morning,Benzinga reports. They currently have a $96.00 price objective on the conglomerate’s stock.

A number of other equities analysts have also recently commented on the stock. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America lifted their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $148.87.

3M Stock Up 3.1 %

Shares of NYSE:MMM opened at $155.25 on Thursday. The company has a market capitalization of $84.29 billion, a PE ratio of 20.56, a P/E/G ratio of 3.30 and a beta of 0.96. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a twelve month low of $75.40 and a twelve month high of $155.50. The firm has a 50 day simple moving average of $142.73 and a 200-day simple moving average of $135.49.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.42 EPS. On average, equities analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.88%. 3M’s dividend payout ratio is 38.68%.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 3M

Several institutional investors and hedge funds have recently made changes to their positions in the business. Financial Life Planners purchased a new position in 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC purchased a new position in 3M in the 4th quarter valued at about $26,000. REAP Financial Group LLC lifted its holdings in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. FSA Wealth Management LLC purchased a new position in 3M in the 3rd quarter valued at about $27,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in 3M in the 4th quarter valued at about $27,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

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.