3M Company (MMM) Downgraded to Underweight at J P Morgan Chase & Co
3M Company (NYSE:MMM) was downgraded by equities research analysts at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday.
A number of other brokerages have also issued reports on MMM. Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 target price (up previously from $220.00) on shares of 3M in a research report on Saturday, June 3rd. BidaskClub lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Morgan Stanley reaffirmed an “underweight” rating and set a $191.00 target price (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Stifel Nicolaus reaffirmed a “hold” rating and set a $210.00 target price on shares of 3M in a research report on Friday, July 28th. Finally, Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and an average target price of $207.93.
3M (NYSE:MMM) opened at 213.56 on Wednesday. 3M has a 1-year low of $163.85 and a 1-year high of $214.65. The firm’s 50-day moving average is $206.16 and its 200-day moving average is $201.42. The company has a market capitalization of $127.45 billion, a P/E ratio of 24.36 and a beta of 1.08.
3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period last year, the firm posted $2.08 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. Equities research analysts predict that 3M will post $8.94 EPS for the current year.
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In other news, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the sale, the insider now owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. Insiders sold a total of 9,112 shares of company stock worth $1,878,890 in the last 90 days. 0.58% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of the company. MPS Loria Financial Planners LLC acquired a new stake in shares of 3M in the 2nd quarter valued at $124,000. M Holdings Securities Inc. boosted its stake in shares of 3M by 35.9% in the 2nd quarter. M Holdings Securities Inc. now owns 5,450 shares of the conglomerate’s stock valued at $1,135,000 after purchasing an additional 1,441 shares in the last quarter. Griffin Asset Management Inc. acquired a new stake in shares of 3M in the 2nd quarter valued at $3,785,000. Gs Investments Inc. acquired a new stake in shares of 3M in the 2nd quarter valued at $409,000. Finally, Sentry Investment Management LLC boosted its stake in shares of 3M by 1.0% in the 2nd quarter. Sentry Investment Management LLC now owns 47,652 shares of the conglomerate’s stock valued at $9,921,000 after purchasing an additional 467 shares in the last quarter. Institutional investors own 66.20% 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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