3M (NYSE:MMM) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of 3M (NYSE:MMM) have received a consensus recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $144.13.

A number of analysts have weighed in on the stock. Barclays dropped their target price on shares of 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and raised their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. 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. Bank of America boosted their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd.

3M Price Performance

MMM opened at $141.02 on Friday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 1-year low of $75.40 and a 1-year high of $141.66. The company has a 50-day moving average of $131.24 and a 200-day moving average of $127.56. The company has a market capitalization of $76.80 billion, a P/E ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95.

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

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were given a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.99%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Hedge Funds Weigh In On 3M

A number of institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after buying an additional 4,212,409 shares during the period. International Assets Investment Management LLC boosted its stake in 3M by 11,601.2% in the 3rd 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 during the period. Electron Capital Partners LLC purchased a new position in 3M during the 2nd quarter worth approximately $76,732,000. Jennison Associates LLC acquired a new stake in 3M during the 3rd quarter valued at $82,208,000. Finally, Parsifal Capital Management LP lifted its holdings in shares of 3M by 179.0% in the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after purchasing an additional 526,194 shares in the last quarter. Hedge funds and other 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.