3M (NYSE:MMM) Research Coverage Started at Argus

Argus assumed coverage on shares of 3M (NYSE:MMM) in a report published on Wednesday,Zacks reports. The brokerage issued a strong-buy rating on the conglomerate’s stock.

Other analysts have also recently issued reports about the stock. Citigroup upped their price objective on shares of 3M from $183.00 to $188.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Raymond James Financial reiterated a “market perform” rating on shares of 3M in a research note on Wednesday, October 21st. HSBC raised 3M to a “strong-buy” rating in a report on Thursday, October 22nd. Wolfe Research restated an “outperform” rating on shares of 3M in a research report on Thursday, July 9th. Finally, Mizuho raised their price target on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus target price of $190.07.

3M Price Performance

3M stock traded down $2.54 during mid-day trading on Wednesday, hitting $185.23. 3,370,294 shares of the company were exchanged, compared to its average volume of 3,459,884. The company has a market capitalization of $95.71 billion, a PE ratio of 27.60, a price-to-earnings-growth ratio of 2.32 and a beta of 1.01. The business has a fifty day moving average of $168.96 and a 200 day moving average of $161.79. 3M has a 1-year low of $139.34 and a 1-year high of $196.90. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.12. The business had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.19 EPS. As a group, sell-side analysts expect that 3M will post 9.14 earnings per share for the current year.

3M declared that its Board of Directors has initiated a share buyback program on Wednesday, November 4th that authorizes the company to buy back $6 billion in shares. This buyback authorization authorizes the conglomerate to repurchase up to 6.6% of its shares through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

3M Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.7%. 3M’s payout ratio is currently 46.50%.

Institutional Trading of 3M

Several hedge funds have recently modified their holdings of the stock. Security National Bank of SO Dak bought a new position in 3M in the 2nd quarter worth approximately $32,000. DecisionPoint Financial LLC increased its stake in shares of 3M by 2,387.5% in the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate’s stock valued at $32,000 after buying an additional 191 shares during the period. Trellis Wealth Advisors LLC acquired a new stake in shares of 3M in the 3rd quarter valued at $33,000. Latitude Advisors LLC bought a new stake in shares of 3M during the third quarter worth $34,000. Finally, Compass Financial Management LLC bought a new stake in shares of 3M during the second quarter worth $38,000. 65.25% of the stock is owned by institutional investors.

3M Company Profile

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.

Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.