3M (NYSE:MMM) Lifted to Strong-Buy at StockNews.com

StockNews.com upgraded shares of 3M (NYSE:MMM) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday morning.

MMM has been the subject of a number of other research reports. Citigroup lifted their target price on 3M from $95.31 to $98.00 and gave the stock a neutral rating in a report on Monday, April 8th. Royal Bank of Canada reduced their target price on 3M from $84.00 to $78.00 and set an underperform rating for the company in a report on Tuesday, April 2nd. Bank of America reduced their target price on 3M from $110.00 to $100.00 and set a neutral rating for the company in a report on Tuesday, April 2nd. Barclays cut their price objective on 3M from $126.00 to $107.00 and set an overweight rating for the company in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company reduced their price objective on 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, 3M has a consensus rating of Hold and an average target price of $104.00.

3M Stock Up 0.5 %

3M stock opened at $91.83 on Thursday. The firm has a market cap of $50.82 billion, a price-to-earnings ratio of -7.27, a PEG ratio of 1.74 and a beta of 1.02. The stock has a fifty day simple moving average of $95.71 and a two-hundred day simple moving average of $97.46. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 6.58%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is currently -47.82%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 3M

Hedge funds have recently made changes to their positions in the business. Tributary Capital Management LLC bought a new position in shares of 3M in the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. raised its position in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC purchased a new stake in 3M during the first quarter valued at approximately $32,000. Briaud Financial Planning Inc purchased a new stake in 3M during the third quarter valued at approximately $35,000. Finally, Livelsberger Financial Advisory purchased a new stake in 3M during the fourth quarter valued at approximately $35,000. Institutional investors own 65.25% of the company’s stock.

About 3M

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.