Barclays Lowers 3M (MMM) Price Target to $190.00
3M (NYSE:MMM) had its price target trimmed by Barclays from $195.00 to $190.00 in a research report report published on Monday, The Fly reports. The brokerage currently has an underweight rating on the conglomerate’s stock.
A number of other research analysts have also weighed in on the company. Zacks Investment Research raised 3M from a sell rating to a hold rating in a report on Tuesday, September 11th. UBS Group increased their price objective on 3M from $215.00 to $220.00 and gave the company a neutral rating in a report on Thursday, August 30th. Deutsche Bank increased their price objective on 3M from $210.00 to $220.00 and gave the company a hold rating in a report on Friday, September 28th. Morgan Stanley began coverage on 3M in a report on Monday, August 20th. They issued an equal weight rating and a $212.00 price objective on the stock. Finally, Royal Bank of Canada reissued a buy rating and issued a $234.00 price objective on shares of 3M in a report on Wednesday, July 25th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. 3M currently has a consensus rating of Hold and an average target price of $225.16.
Shares of NYSE:MMM opened at $205.58 on Monday. 3M has a 1 year low of $181.98 and a 1 year high of $259.77. The stock has a market cap of $121.70 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 1.90 and a beta of 1.18. The company has a current ratio of 1.97, a quick ratio of 1.36 and a debt-to-equity ratio of 1.31.
3M announced that its Board of Directors has approved a share repurchase program on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend is Wednesday, November 21st. 3M’s dividend payout ratio is presently 59.32%.
In related news, Director Gregory R. Page bought 1,000 shares of the stock in a transaction dated Friday, October 26th. The shares were purchased at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the purchase, the director now directly owns 1,500 shares of the company’s stock, valued at $276,750. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares in the company, valued at approximately $1,216,944. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Pendal Group Ltd increased its stake in 3M by 57.1% in the second quarter. Pendal Group Ltd now owns 2,704 shares of the conglomerate’s stock valued at $532,000 after purchasing an additional 983 shares in the last quarter. Courier Capital LLC increased its stake in 3M by 0.8% in the second quarter. Courier Capital LLC now owns 31,480 shares of the conglomerate’s stock valued at $6,193,000 after purchasing an additional 259 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in 3M by 15.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 16,522 shares of the conglomerate’s stock valued at $3,250,000 after purchasing an additional 2,162 shares in the last quarter. Argus Investors Counsel Inc. increased its stake in 3M by 12.0% in the second quarter. Argus Investors Counsel Inc. now owns 22,964 shares of the conglomerate’s stock valued at $4,517,000 after purchasing an additional 2,459 shares in the last quarter. Finally, First Hawaiian Bank increased its stake in 3M by 67.5% in the second quarter. First Hawaiian Bank now owns 2,919 shares of the conglomerate’s stock valued at $574,000 after purchasing an additional 1,176 shares in the last quarter. Hedge funds and other institutional investors own 66.23% of the company’s stock.
3M Company Profile
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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