3M (NYSE:MMM) Receives Hold (C+) Rating from Weiss Ratings

Weiss Ratings reissued their hold (c+) rating on shares of 3M (NYSE:MMM) in a research report released on Friday,Weiss Ratings reports.

MMM has been the subject of several other research reports. Barclays increased their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. increased their price target on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

3M Stock Down 0.4 %

Shares of MMM stock opened at $146.36 on Friday. The firm has a fifty day moving average of $144.51 and a 200-day moving average of $136.28. 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 12-month low of $78.14 and a 12-month high of $156.35. The company has a market capitalization of $79.46 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 3.30 and a beta of 0.97.

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

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s 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 in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On 3M

Hedge funds have recently bought and sold shares of the business. Financial Life Planners bought a new position in 3M in the 4th quarter valued at about $25,000. FSA Wealth Management LLC acquired a new position in shares of 3M in the 3rd quarter worth approximately $27,000. REAP Financial Group LLC increased its stake in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M in the 4th quarter valued at $27,000. Finally, Pinney & Scofield Inc. bought a new stake in shares of 3M in the 4th quarter valued at $28,000. 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.