3M (NYSE:MMM) Stock Rating Upgraded by 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 Ratings reports. Wolfe Research currently has $125.00 price target on the conglomerate’s stock.

Other equities research analysts also recently issued reports about the stock. Mizuho reaffirmed a neutral rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. StockNews.com assumed coverage on shares of 3M in a research note on Thursday, June 6th. They issued a buy rating on the stock. HSBC raised shares of 3M from a hold rating to a buy rating and raised their target price for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Bank of America raised shares of 3M from a neutral rating to a buy rating and raised their target price for the company from $105.00 to $120.00 in a research note on Friday, June 7th. Finally, Vertical Research raised shares of 3M from a hold rating to a buy rating and raised their target price for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $111.58.

3M Price Performance

MMM stock opened at $100.90 on Thursday. The firm has a 50 day moving average of $97.24 and a 200-day moving average of $99.26. 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 has a 12 month low of $71.12 and a 12 month high of $106.04. The firm has a market capitalization of $55.83 billion, a P/E ratio of -7.93, a price-to-earnings-growth ratio of 1.91 and a beta of 0.96.

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

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio is -22.01%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Tributary Capital Management LLC bought a new position in shares of 3M in the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its holdings in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in 3M in the first quarter valued at $32,000. Livelsberger Financial Advisory bought a new stake in 3M in the fourth quarter valued at $35,000. Finally, CGC Financial Services LLC boosted its holdings in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

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.