3M (NYSE:MMM) Raised to Outperform at Wolfe Research

Wolfe Research upgraded shares of 3M (NYSE:MMM) from a peer perform rating to an outperform rating in a research report released on Thursday, MarketBeat reports. They currently have $125.00 price target on the conglomerate’s stock.

A number of other brokerages have also weighed in on MMM. JPMorgan Chase & Co. raised 3M from a neutral rating to an overweight rating and lifted their price objective for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Vertical Research raised 3M from a hold rating to a buy rating and boosted their price target for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. Citigroup boosted their price target on 3M from $98.00 to $100.00 and gave the stock a neutral rating in a research note on Wednesday, May 1st. HSBC raised 3M from a hold rating to a buy rating and boosted their price target for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Finally, Royal Bank of Canada boosted their price target on 3M from $78.00 to $87.00 and gave the stock an underperform rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $111.58.

3M Price Performance

Shares of MMM opened at $100.90 on Thursday. 3M has a twelve month low of $71.12 and a twelve month high of $106.04. The stock’s 50 day moving average is $97.24 and its two-hundred day moving average is $99.26. The firm has a market capitalization of $55.83 billion, a PE ratio of -7.93, a P/E/G ratio of 1.90 and a beta of 0.96. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter in the previous year, the company earned $1.97 EPS. Research analysts anticipate that 3M will post 7.09 earnings per share for the current year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.78%. 3M’s dividend payout ratio is currently -22.01%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MMM. Shoker Investment Counsel Inc. increased its holdings in shares of 3M by 49.7% during the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after buying an additional 5,561 shares during the last quarter. Jade Capital Advisors LLC purchased a new position in 3M in the 4th quarter valued at about $4,373,000. MWA Asset Management purchased a new position in 3M in the 4th quarter valued at about $1,723,000. Diversified Trust Co lifted its position in shares of 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after purchasing an additional 263 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of 3M by 6.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 187,719 shares of the conglomerate’s stock worth $20,521,000 after purchasing an additional 11,528 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.