3M (NYSE:MMM) Upgraded by HSBC to Buy

3M (NYSE:MMM) was upgraded by equities research analysts at HSBC from a “hold” rating to a “buy” rating in a report released on Friday, MarketBeat.com reports. The brokerage currently has a $115.00 price objective on the conglomerate’s stock. HSBC’s price objective indicates a potential upside of 18.14% from the company’s current price.

MMM has been the topic of a number of other research reports. Royal Bank of Canada increased their target price on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Wells Fargo & Company lowered their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Finally, Barclays lowered their price objective on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $104.30.

3M Trading Up 1.0 %

Shares of NYSE:MMM opened at $97.34 on Friday. The company has a market cap of $53.86 billion, a P/E ratio of -7.65, a PEG ratio of 1.79 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. 3M has a 1 year low of $71.12 and a 1 year high of $99.70. The stock’s fifty day moving average price is $96.40 and its 200-day moving average price is $97.83.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter in the prior year, the company earned $1.97 earnings per share. Sell-side analysts expect that 3M will post 7.23 earnings per share for the current year.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Tributary Capital Management LLC purchased a new position in shares of 3M in the 1st quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. increased its position in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of 3M in the first quarter valued at $32,000. Briaud Financial Planning Inc bought a new stake in shares of 3M in the 3rd quarter worth about $35,000. Finally, Livelsberger Financial Advisory purchased a new position in shares of 3M during the 4th quarter worth about $35,000. 65.25% of the stock is 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.