Analysts’ Weekly Ratings Changes for 3M (MMM)

A number of research firms have changed their ratings and price targets for 3M (NYSE: MMM):

• 4/17/2024 – 3M had its price target lowered by analysts at JPMorgan Chase & Co. from $118.00 to $110.00. They now have a “neutral” rating on the stock.
• 4/16/2024 – 3M was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
• 4/8/2024 – 3M had its price target raised by analysts at Citigroup Inc. from $95.31 to $98.00. They now have a “neutral” rating on the stock.
• 4/4/2024 – 3M is now covered by analysts at StockNews.com. They set a “buy” rating on the stock.
• 4/2/2024 – 3M had its price target lowered by analysts at Royal Bank of Canada from $84.00 to $78.00. They now have an “underperform” rating on the stock.
• 4/2/2024 – 3M had its price target lowered by analysts at Barclays PLC from $126.00 to $107.00. They now have an “overweight” rating on the stock.
• 4/2/2024 – 3M had its price target lowered by analysts at Bank of America Co. from $110.00 to $100.00. They now have a “neutral” rating on the stock.
• 3/27/2024 – 3M had its “neutral” rating reaffirmed by analysts at Mizuho. They now have a $105.00 price target on the stock.
• 3/27/2024 – 3M is now covered by analysts at StockNews.com. They set a “buy” rating on the stock.
• 3/20/2024 – 3M had its “underperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $84.00 price target on the stock.
• 3/19/2024 – 3M was upgraded by analysts at Barclays PLC from an “equal weight” rating to an “overweight” rating. They now have a $126.00 price target on the stock, up previously from $111.00.
• 3/19/2024 – 3M is now covered by analysts at StockNews.com. They set a “buy” rating on the stock.
• 3/7/2024 – 3M had its price target lowered by analysts at Royal Bank of Canada from $85.00 to $84.00. They now have an “underperform” rating on the stock.

3M Trading Up 0.9 %

Shares of 3M stock traded up $0.79 on Friday, hitting $92.27. The stock had a trading volume of 3,558,878 shares, compared to its average volume of 5,868,187. The stock has a 50 day moving average of $95.77 and a 200 day moving average of $97.22. 3M has a twelve month low of $71.12 and a twelve month high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The firm has a market capitalization of $51.06 billion, a P/E ratio of -7.31, a PEG ratio of 1.61 and a beta of 1.02.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same quarter last year, the business earned $2.28 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. Sell-side analysts expect that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.55%. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Insider Activity at 3M

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

Institutional Investors Weigh In On 3M

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of 3M by 15.4% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after buying an additional 14,775 shares during the period. Cornerstone Wealth Group LLC purchased a new position in shares of 3M during the third quarter worth about $3,855,000. Shoker Investment Counsel Inc. grew its holdings in shares of 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after purchasing an additional 5,561 shares in the last quarter. Diversified Trust Co grew its holdings in shares of 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after purchasing an additional 263 shares in the last quarter. Finally, MWA Asset Management purchased a new stake in 3M in the fourth quarter worth approximately $1,723,000. 65.25% of the stock is currently owned by institutional investors.

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.