3M Company (MMM) Receives Underweight Rating from Morgan Stanley

Morgan Stanley restated their underweight rating on shares of 3M Company (NYSE:MMM) in a research report released on Wednesday, July 26th. The firm currently has a $190.00 target price on the conglomerate’s stock, down from their previous target price of $191.00.

A number of other brokerages have also recently commented on MMM. Citigroup Inc. reaffirmed a buy rating and issued a $229.00 target price (up from $220.00) on shares of 3M in a report on Saturday, June 3rd. BidaskClub cut shares of 3M from a buy rating to a hold rating in a report on Monday, July 24th. Credit Suisse Group reaffirmed a buy rating on shares of 3M in a report on Thursday, April 27th. Jefferies Group LLC lifted their target price on shares of 3M from $210.00 to $219.00 and gave the company a buy rating in a report on Wednesday, April 19th. Finally, Zacks Investment Research cut shares of 3M from a buy rating to a hold rating in a report on Thursday, June 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $203.40.

Shares of 3M (MMM) opened at 207.65 on Wednesday. The stock has a 50 day moving average of $209.15 and a 200-day moving average of $195.17. 3M has a 1-year low of $163.85 and a 1-year high of $214.57. The firm has a market cap of $123.92 billion, a price-to-earnings ratio of 23.69 and a beta of 1.08.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. The business had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.08 earnings per share. Equities analysts anticipate that 3M will post $8.94 EPS for the current fiscal year.

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In other news, VP Marlene Mary Mcgrath sold 14,766 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the transaction, the vice president now owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James L. Bauman sold 14,616 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the transaction, the insider now directly owns 16,458 shares of the company’s stock, valued at approximately $3,222,640.98. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mosaic Family Wealth LLC increased its position in 3M by 16.8% in the second quarter. Mosaic Family Wealth LLC now owns 2,543 shares of the conglomerate’s stock worth $529,000 after buying an additional 366 shares in the last quarter. Smith Chas P & Associates PA Cpas increased its position in 3M by 2.0% in the second quarter. Smith Chas P & Associates PA Cpas now owns 1,991 shares of the conglomerate’s stock worth $414,000 after buying an additional 39 shares in the last quarter. Herndon Capital Management LLC bought a new position in 3M during the second quarter worth approximately $14,145,000. Boston Family Office LLC increased its position in 3M by 1.3% in the second quarter. Boston Family Office LLC now owns 37,970 shares of the conglomerate’s stock worth $7,905,000 after buying an additional 499 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. increased its position in 3M by 0.5% in the second quarter. Penobscot Investment Management Company Inc. now owns 34,729 shares of the conglomerate’s stock worth $7,231,000 after buying an additional 184 shares in the last quarter. 65.76% of the stock is owned by institutional investors.

3M Company Profile

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.