Weiss Ratings Reiterates Hold (C+) Rating for 3M (NYSE:MMM)

3M (NYSE:MMM)‘s stock had its “hold (c+)” rating reaffirmed by analysts at Weiss Ratings in a report released on Saturday,Weiss Ratings reports.

Other analysts also recently issued research reports about the stock. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America increased their price objective on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Citigroup increased their price objective on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Trading Down 0.6 %

Shares of 3M stock opened at $150.35 on Friday. The firm has a market capitalization of $81.63 billion, a PE ratio of 19.91, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a twelve month low of $85.62 and a twelve month high of $156.35. The firm’s 50-day moving average price is $148.35 and its 200 day moving average price is $137.55. 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 (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same period last year, the company posted $2.42 EPS. On average, sell-side analysts predict that 3M will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This represents a 21.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wayfinding Financial LLC purchased a new position in 3M in the 4th quarter valued at approximately $851,000. D.A. Davidson & CO. boosted its position in 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after buying an additional 20,421 shares during the period. Franklin Resources Inc. boosted its position in 3M by 26.8% in the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after buying an additional 178,450 shares during the period. Meyer Handelman Co. boosted its position in 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after buying an additional 2,678 shares during the period. Finally, FMR LLC boosted its position in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after buying an additional 4,212,409 shares during the period. 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.