Jefferies Group LLC Reaffirms “Buy” Rating for 3M Co (MMM)
Jefferies Group LLC reiterated their buy rating on shares of 3M Co (NYSE:MMM) in a research note published on Thursday morning. Jefferies Group LLC currently has a $234.00 price objective on the conglomerate’s stock.
Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of 3M from a hold rating to a buy rating and set a $223.00 target price for the company in a research note on Friday, May 26th. Royal Bank of Canada reaffirmed an outperform rating and issued a $191.00 target price (up previously from $187.00) on shares of 3M in a research note on Saturday, April 29th. Stifel Nicolaus upped their target price on shares of 3M from $190.00 to $202.00 and gave the company a hold rating in a research note on Wednesday, April 26th. Credit Suisse Group AG reaffirmed a buy rating on shares of 3M in a research note on Thursday, April 27th. Finally, Barclays PLC reaffirmed a buy rating on shares of 3M in a research note on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $195.38.
3M (NYSE:MMM) opened at 206.16 on Thursday. The company’s 50 day moving average is $197.24 and its 200-day moving average is $185.78. 3M has a 1-year low of $163.85 and a 1-year high of $207.39. The firm has a market cap of $123.13 billion, a price-to-earnings ratio of 24.93 and a beta of 1.04.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 25th. The conglomerate reported $2.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.07 by $0.09. The business had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.48 billion. 3M had a net margin of 16.77% and a return on equity of 43.82%. 3M’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.95 earnings per share. On average, analysts predict that 3M will post $8.94 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Investors of record on Friday, May 19th will be given a dividend of $1.175 per share. This represents a $4.70 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Wednesday, May 17th. 3M’s dividend payout ratio is 54.41%.
In other news, insider Kimberly F. Price sold 3,016 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $198.11, for a total value of $597,499.76. Following the sale, the insider now directly owns 9,292 shares in the company, valued at approximately $1,840,838.12. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the sale, the vice president now owns 24,480 shares in the company, valued at $4,770,662.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,698 shares of company stock worth $6,593,443. 0.58% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. Harfst & Associates Inc. acquired a new stake in 3M during the first quarter valued at approximately $112,000. Cable Hill Partners LLC increased its stake in 3M by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock valued at $122,000 after buying an additional 15 shares in the last quarter. Reilly Financial Advisors LLC increased its stake in 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares in the last quarter. TLP Group LLC acquired a new stake in 3M during the third quarter valued at approximately $127,000. Finally, Cascade Investment Advisors Inc. acquired a new stake in 3M during the fourth quarter valued at approximately $127,000. Institutional investors own 65.80% of the company’s stock.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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