3M (NYSE:MMM) Receives Underperform Rating from Royal Bank of Canada

3M (NYSE:MMM)‘s stock had its “underperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research report issued on Thursday,Benzinga reports. They currently have a $96.00 price target on the conglomerate’s stock. Royal Bank of Canada’s price target indicates a potential downside of 38.16% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. Barclays lifted their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Wednesday, February 19th. JPMorgan Chase & Co. raised their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. UBS Group raised 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $148.87.

3M Stock Up 3.1 %

NYSE MMM opened at $155.25 on Thursday. 3M has a 1-year low of $75.40 and a 1-year high of $155.50. The company has a market capitalization of $84.29 billion, a price-to-earnings ratio of 20.56, a PEG ratio of 3.30 and a beta of 0.96. The stock’s 50 day moving average is $142.73 and its two-hundred day moving average is $135.42. 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 announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the firm earned $2.42 EPS. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. Equities analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

Insider Activity at 3M

In other 3M news, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 45,276 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $150.01, for a total value of $6,791,852.76. Following the completion of the transaction, the chairman now owns 175,718 shares in the company, valued at $26,359,457.18. This represents a 20.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

Institutional investors and hedge funds have recently modified their holdings of the stock. Financial Life Planners bought a new position in 3M during the 4th quarter worth approximately $25,000. FSA Wealth Management LLC acquired a new stake in 3M in the third quarter worth $27,000. REAP Financial Group LLC boosted its position in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M in the 4th quarter valued at $27,000. Finally, Pinney & Scofield Inc. bought a new stake in shares of 3M in the 4th quarter valued at $28,000. 65.25% of the stock is owned by institutional investors.

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.