3M’s (MMM) Hold (C+) Rating Reaffirmed at Weiss Ratings

Weiss Ratings reiterated their hold (c+) rating on shares of 3M (NYSE:MMM) in a research report sent to investors on Tuesday morning,Weiss Ratings reports.

Several other analysts have also issued reports on MMM. JPMorgan Chase & Co. reduced their price objective on shares of 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday. Wells Fargo & Company upgraded 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 research note on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Barclays upped their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Citigroup lifted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.13.

3M Price Performance

NYSE:MMM opened at $132.84 on Tuesday. 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 12 month low of $90.17 and a 12 month high of $156.35. The firm has a market cap of $71.64 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The stock has a 50 day moving average of $146.68 and a two-hundred day moving average of $138.40.

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

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.20%. 3M’s payout ratio is presently 38.68%.

Insiders Place Their Bets

In related news, Chairman Michael F. Roman sold 45,276 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now owns 175,718 shares of the company’s stock, valued at approximately $26,359,457.18. This represents a 20.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On 3M

A number of hedge funds and other institutional investors have recently modified their holdings of MMM. Wayfinding Financial LLC acquired a new stake in shares of 3M in the fourth quarter worth approximately $851,000. Franklin Resources Inc. grew its stake in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after acquiring an additional 178,450 shares in the last quarter. Meyer Handelman Co. grew its stake in 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after purchasing an additional 2,678 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of 3M during the fourth quarter worth approximately $816,000. Finally, Braun Stacey Associates Inc. increased its position in shares of 3M by 18.4% in the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after purchasing an additional 22,203 shares during the last quarter. 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.