3M (NYSE:MMM) Upgraded by TheStreet to “B”

3M (NYSE:MMM) was upgraded by equities research analysts at TheStreet from a “c+” rating to a “b” rating in a research report issued on Tuesday, TheStreetRatingsTable reports.

A number of other research firms also recently issued reports on MMM. Gordon Haskett upgraded shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 price target on the stock in a research report on Wednesday, October 7th. Credit Suisse Group raised their price target on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Barclays raised their price target on shares of 3M from $156.00 to $157.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 29th. Morgan Stanley increased their price objective on shares of 3M from $173.00 to $176.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on shares of 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, October 7th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $167.31.

3M stock opened at $158.53 on Tuesday. The firm’s 50-day moving average is $165.78 and its 200-day moving average is $157.81. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.36 and a current ratio of 1.94. 3M has a 1 year low of $114.04 and a 1 year high of $182.54. The company has a market cap of $91.32 billion, a P/E ratio of 17.97, a PEG ratio of 2.13 and a beta of 0.97.

3M (NYSE:MMM) last posted its quarterly earnings results on Saturday, October 31st. The conglomerate reported $2.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.26 by $0.17. 3M had a net margin of 16.38% and a return on equity of 46.86%. The company had revenue of $8.35 billion for the quarter, compared to the consensus estimate of $8.38 billion. During the same period last year, the firm posted $2.58 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, sell-side analysts predict that 3M will post 8.37 earnings per share for the current year.

In other 3M news, SVP John Patrick Banovetz sold 2,228 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total transaction of $367,196.68. Following the transaction, the senior vice president now owns 10,506 shares of the company’s stock, valued at approximately $1,731,493.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.42% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in MMM. Fisher Asset Management LLC increased its stake in 3M by 9,250.5% during the 2nd quarter. Fisher Asset Management LLC now owns 4,429,230 shares of the conglomerate’s stock valued at $690,916,000 after buying an additional 4,381,861 shares during the period. Federated Hermes Inc. increased its stake in 3M by 9,539.9% during the 2nd quarter. Federated Hermes Inc. now owns 954,250 shares of the conglomerate’s stock valued at $148,853,000 after buying an additional 944,351 shares during the period. Bank of New York Mellon Corp increased its stake in 3M by 14.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,146,801 shares of the conglomerate’s stock valued at $1,114,829,000 after buying an additional 910,485 shares during the period. Morgan Stanley grew its stake in shares of 3M by 28.0% in the 1st quarter. Morgan Stanley now owns 3,550,257 shares of the conglomerate’s stock worth $484,645,000 after purchasing an additional 777,513 shares during the last quarter. Finally, FMR LLC grew its stake in shares of 3M by 28.4% in the 2nd quarter. FMR LLC now owns 2,983,238 shares of the conglomerate’s stock worth $465,355,000 after purchasing an additional 659,549 shares during the last quarter. 64.57% of the stock is currently owned by hedge funds and other institutional investors.

About 3M

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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Analyst Recommendations for 3M (NYSE:MMM)

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