3M (NYSE:MMM) Given Average Recommendation of “Moderate Buy” by Brokerages

3M (NYSE:MMM) has earned an average recommendation of “Moderate Buy” from the sixteen research firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $144.87.

A number of equities research analysts have recently issued reports on MMM shares. Barclays upped their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company.

Institutional Investors Weigh In On 3M

Institutional investors have recently modified their holdings of the company. FMR LLC lifted its stake in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC lifted its position 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 worth $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. Electron Capital Partners LLC purchased a new position in shares of 3M in the second quarter valued at approximately $76,732,000. Jennison Associates LLC acquired a new position in shares of 3M in the third quarter valued at approximately $82,208,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Stock Up 0.8 %

Shares of MMM opened at $133.53 on Friday. The stock has a 50 day moving average price of $132.39 and a 200 day moving average price of $120.16. 3M has a one year low of $75.40 and a one year high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock has a market capitalization of $72.71 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.19 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the business earned $2.68 earnings per share. The company’s quarterly revenue was down 24.3% compared to the same quarter last year. Equities research analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s payout ratio is currently 35.35%.

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.