3M (NYSE:MMM) Raised to “Buy” at Langenberg & Company

Langenberg & Company upgraded shares of 3M (NYSE:MMM) from a hold rating to a buy rating in a research note published on Monday, The Fly reports.

Several other analysts also recently commented on MMM. Barclays dropped their price objective on shares of 3M from $185.00 to $182.00 and set an underweight rating on the stock in a report on Monday, October 4th. UBS Group dropped their price objective on shares of 3M from $183.00 to $172.00 and set a sell rating on the stock in a report on Friday, September 17th. Wolfe Research downgraded shares of 3M from a peer perform rating to an underperform rating and dropped their price objective for the company from $218.00 to $215.00 in a report on Monday, July 12th. Wells Fargo & Company initiated coverage on shares of 3M in a report on Thursday, October 7th. They issued an equal weight rating and a $179.00 price objective on the stock. Finally, Credit Suisse Group downgraded shares of 3M from an outperform rating to a neutral rating and upped their price objective for the company from $210.00 to $212.00 in a report on Tuesday, July 6th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of Hold and a consensus price target of $196.54.

Shares of 3M stock opened at $177.17 on Monday. The company has a current ratio of 1.73, a quick ratio of 1.22 and a debt-to-equity ratio of 1.12. 3M has a 12-month low of $156.13 and a 12-month high of $208.95. The firm has a market capitalization of $102.52 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 1.92 and a beta of 0.96. The firm’s 50 day simple moving average is $188.37 and its two-hundred day simple moving average is $195.53.

3M (NYSE:MMM) last issued its quarterly earnings results on Monday, July 26th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.28 by $0.31. 3M had a net margin of 17.13% and a return on equity of 44.72%. The business had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.59 billion. During the same quarter in the prior year, the business posted $1.78 EPS. 3M’s revenue for the quarter was up 24.0% compared to the same quarter last year. On average, sell-side analysts predict that 3M will post 10.11 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Stockholders of record on Monday, August 23rd were given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Friday, August 20th. 3M’s dividend payout ratio (DPR) is 67.73%.

In related news, insider Jeffrey R. Lavers sold 6,025 shares of the firm’s stock in a transaction dated Wednesday, August 11th. The shares were sold at an average price of $200.00, for a total transaction of $1,205,000.00. Following the completion of the sale, the insider now directly owns 10,973 shares in the company, valued at $2,194,600. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Denise R. Rutherford sold 3,135 shares of the firm’s stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $198.17, for a total transaction of $621,262.95. The disclosure for this sale can be found here. Insiders sold 20,666 shares of company stock valued at $4,103,569 over the last quarter. Company insiders own 0.34% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Lion Street Advisors LLC purchased a new position in 3M during the second quarter worth about $26,000. Newton One Investments LLC purchased a new position in 3M during the second quarter worth about $37,000. Anfield Capital Management LLC purchased a new position in 3M during the second quarter worth about $37,000. Lake Point Wealth Management purchased a new position in 3M during the second quarter worth about $38,000. Finally, Smith Asset Management Group LP purchased a new position in 3M during the second quarter worth about $40,000. 66.82% of the stock is owned by institutional investors.

3M Company Profile

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

Featured Article: Conference Calls

The Fly logo

Analyst Recommendations for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.