3M (NYSE:MMM) Upgraded at Argus

Argus upgraded shares of 3M (NYSE:MMM) from a hold rating to a buy rating in a research report released on Tuesday morning, MarketBeat Ratings reports. Argus currently has $145.00 price objective on the conglomerate’s stock.

A number of other equities analysts also recently commented on MMM. Wells Fargo & Company boosted their price objective on 3M from $100.00 to $110.00 and gave the stock an equal weight rating in a research report on Wednesday, July 10th. Wolfe Research raised shares of 3M from a peer perform rating to an outperform rating and set a $125.00 price objective on the stock in a research report on Thursday, June 13th. Bank of America lifted their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a buy rating in a research report on Monday. Royal Bank of Canada increased their target price on 3M from $93.00 to $95.00 and gave the company an underperform rating in a report on Monday. Finally, UBS Group lifted their price target on 3M from $98.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $123.57.

3M Stock Down 0.9 %

3M stock opened at $126.45 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. 3M has a 52-week low of $71.12 and a 52-week high of $128.65. The company’s 50 day moving average is $103.98 and its two-hundred day moving average is $99.33.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the firm earned $2.17 earnings per share. Research analysts predict that 3M will post 7.21 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.21%. 3M’s dividend payout ratio (DPR) is -22.01%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Jade Capital Advisors LLC acquired a new position in 3M in the 4th quarter valued at about $4,373,000. MWA Asset Management acquired a new position in shares of 3M in the fourth quarter valued at approximately $1,723,000. Scarborough Advisors LLC purchased a new stake in shares of 3M during the fourth quarter worth approximately $978,000. KMG Fiduciary Partners LLC lifted its holdings in shares of 3M by 2.2% during the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after purchasing an additional 311 shares during the period. Finally, Norden Group LLC grew its position in 3M by 1,381.0% in the 1st quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock valued at $6,930,000 after buying an additional 60,929 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

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.