3M (NYSE:MMM) Earns “Hold (C)” Rating from Weiss Ratings

Weiss Ratings reaffirmed their hold (c) rating on shares of 3M (NYSE:MMM) in a research report sent to investors on Wednesday morning,Weiss Ratings reports.

A number of other research analysts also recently issued reports on the stock. Bank of America boosted their target price on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price objective on shares of 3M in a research report on Wednesday, January 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research report on Tuesday, October 22nd. Finally, Citigroup increased their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

NYSE MMM opened at $144.87 on Wednesday. The company has a market capitalization of $78.65 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 3.32 and a beta of 0.96. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a twelve month low of $75.40 and a twelve month high of $155.00. The stock has a fifty day simple moving average of $140.62 and a 200 day simple moving average of $134.56.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the previous year, the company earned $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Sell-side analysts expect that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 2.02%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the transaction, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at $662,329.15. The trade was a 34.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total transaction of $247,161.25. Following the transaction, the insider now directly owns 5,153 shares in the company, valued at $774,238.25. This represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last quarter. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. Allspring Global Investments Holdings LLC boosted its stake in shares of 3M by 545.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 183,953 shares of the conglomerate’s stock worth $25,146,000 after purchasing an additional 155,435 shares during the period. Foundations Investment Advisors LLC lifted its stake in 3M by 20.9% in the third quarter. Foundations Investment Advisors LLC now owns 4,195 shares of the conglomerate’s stock worth $573,000 after purchasing an additional 724 shares during the last quarter. McAdam LLC boosted its position in shares of 3M by 55.7% during the third quarter. McAdam LLC now owns 4,080 shares of the conglomerate’s stock valued at $558,000 after buying an additional 1,460 shares during the period. International Assets Investment Management LLC grew its stake in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the last quarter. Finally, Patrick M Sweeney & Associates Inc. grew its stake in shares of 3M by 4.6% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 5,122 shares of the conglomerate’s stock valued at $700,000 after buying an additional 227 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

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.