3M (NYSE:MMM) Stock Rating Upgraded by Wolfe Research

3M (NYSE:MMMGet Free Report) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage currently has a $125.00 target price on the conglomerate’s stock. Wolfe Research’s price target would indicate a potential upside of 23.85% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. Mizuho reaffirmed a “neutral” rating and issued a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Royal Bank of Canada upped their target price on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. Vertical Research raised 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $110.00 to $111.00 in a report on Wednesday, May 1st. Finally, StockNews.com assumed coverage on 3M in a report on Thursday, June 6th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $111.58.

View Our Latest Report on MMM

3M Price Performance

3M stock opened at $100.93 on Thursday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. 3M has a 52 week low of $71.12 and a 52 week high of $106.04. The stock has a market capitalization of $55.85 billion, a P/E ratio of -7.93, a price-to-earnings-growth ratio of 1.90 and a beta of 0.96. The stock has a fifty day moving average of $97.24 and a 200-day moving average of $99.25.

3M (NYSE:MMMGet Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the firm earned $1.97 EPS. On average, sell-side analysts expect that 3M will post 7.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 3M

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in 3M by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after acquiring an additional 43,732 shares in the last quarter. Norges Bank bought a new position in 3M in the fourth quarter worth approximately $502,585,000. Bank of New York Mellon Corp boosted its holdings in 3M by 10.6% in the first quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after acquiring an additional 435,439 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in 3M by 2.4% in the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after acquiring an additional 94,864 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

About 3M

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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.

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