3M (NYSE:MMM) Lifted to Buy at Melius Research

Melius Research upgraded shares of 3M (NYSE:MMM) from a hold rating to a buy rating in a research report released on Tuesday, Marketbeat Ratings reports. Melius Research currently has $180.00 price target on the conglomerate’s stock.

Several other analysts have also recently weighed in on the stock. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday. Barclays boosted their price objective on 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective on the stock. Finally, Bank of America boosted their target price on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $135.67.

3M Stock Performance

NYSE:MMM opened at $126.44 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The firm has a 50-day moving average price of $133.07 and a 200 day moving average price of $113.57. The firm has a market capitalization of $69.97 billion, a PE ratio of -9.94, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a 12-month low of $72.47 and a 12-month high of $141.34.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the firm earned $2.68 EPS. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. Research analysts anticipate that 3M will post 7.24 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is -22.01%.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Yeomans Consulting Group Inc. bought a new position in shares of 3M in the third quarter valued at $498,000. Asahi Life Asset Management CO. LTD. raised its position in 3M by 6.9% during the third quarter. Asahi Life Asset Management CO. LTD. now owns 9,343 shares of the conglomerate’s stock worth $1,277,000 after acquiring an additional 603 shares in the last quarter. Inscription Capital LLC lifted its stake in 3M by 41.8% in the third quarter. Inscription Capital LLC now owns 3,329 shares of the conglomerate’s stock valued at $455,000 after acquiring an additional 981 shares during the last quarter. Montz Harcus Wealth Management LLC bought a new position in shares of 3M in the 3rd quarter valued at about $215,000. Finally, Frank Rimerman Advisors LLC increased its stake in shares of 3M by 36.8% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,181 shares of the conglomerate’s stock worth $708,000 after purchasing an additional 1,394 shares during the last quarter. 65.25% of the stock is currently 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.