3M (MMM) Price Target Cut to $225.00

3M (NYSE:MMM) had its price objective dropped by analysts at Argus from $240.00 to $225.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the conglomerate’s stock. Argus’ target price indicates a potential upside of 21.63% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Monday, September 3rd. Morgan Stanley began coverage on 3M in a research note on Monday, August 20th. They issued an “equal weight” rating and a $212.00 price target for the company. UBS Group boosted their price target on 3M from $215.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 30th. Deutsche Bank boosted their price target on 3M from $210.00 to $220.00 and gave the company a “hold” rating in a research note on Friday, September 28th. Finally, Gordon Haskett began coverage on 3M in a research note on Friday, October 12th. They issued a “buy” rating for the company. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $225.23.

Shares of 3M stock opened at $184.99 on Wednesday. The stock has a market capitalization of $118.12 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 1.93 and a beta of 1.15. 3M has a 52-week low of $182.36 and a 52-week high of $259.77. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08.



3M (NYSE:MMM) last announced its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). The business had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.41 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The company’s revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.33 EPS. As a group, analysts anticipate that 3M will post 10.27 earnings per share for the current year.

In other 3M news, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the sale, the insider now owns 5,634 shares of the company’s stock, valued at $1,216,944. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA lifted its holdings in shares of 3M by 2.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock worth $2,238,278,000 after acquiring an additional 257,182 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in 3M by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after purchasing an additional 537,325 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in 3M by 5.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 3,839,336 shares of the conglomerate’s stock valued at $755,275,000 after purchasing an additional 194,950 shares during the last quarter. Morgan Stanley lifted its stake in 3M by 17.3% in the 2nd quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock valued at $710,678,000 after purchasing an additional 534,001 shares during the last quarter. Finally, Parnassus Investments CA bought a new position in 3M in the 2nd quarter valued at approximately $706,178,000. Hedge funds and other institutional investors own 67.17% of the company’s stock.

About 3M

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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Analyst Recommendations for 3M (NYSE:MMM)

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