Q3 2017 EPS Estimates for 3M Company (NYSE:MMM) Cut by Analyst

3M Company (NYSE:MMM) – Jefferies Group reduced their Q3 2017 earnings estimates for 3M in a note issued to investors on Tuesday. Jefferies Group analyst L. Alexander now anticipates that the conglomerate will post earnings of $2.18 per share for the quarter, down from their prior forecast of $2.24. Jefferies Group has a “Buy” rating and a $234.00 price target on the stock. Jefferies Group also issued estimates for 3M’s Q4 2017 earnings at $2.02 EPS and FY2018 earnings at $9.35 EPS.

Several other research analysts have also weighed in on MMM. Stifel Nicolaus reaffirmed a “hold” rating and issued a $210.00 target price on shares of 3M in a research report on Friday. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research report on Thursday. Citigroup Inc. cut their target price on 3M from $230.00 to $228.00 and set a “buy” rating on the stock in a research report on Wednesday. Morgan Stanley reaffirmed an “underweight” rating and issued a $190.00 target price (down from $191.00) on shares of 3M in a research report on Wednesday. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $209.00 target price (down from $210.00) on shares of 3M in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $203.40.

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Shares of 3M (MMM) opened at 200.05 on Wednesday. The firm has a 50-day moving average price of $209.61 and a 200-day moving average price of $194.40. The stock has a market cap of $119.48 billion, a P/E ratio of 24.19 and a beta of 1.09. 3M has a 52-week low of $163.85 and a 52-week high of $214.57.

3M (NYSE:MMM) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the prior year, the firm earned $2.08 EPS. 3M’s revenue for the quarter was up 1.9% compared to the same quarter last year.

A number of institutional investors have recently bought and sold shares of the company. Cable Hill Partners LLC increased its position in 3M by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock worth $122,000 after buying an additional 15 shares during the period. Reilly Financial Advisors LLC boosted its position in shares of 3M by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock worth $123,000 after buying an additional 24 shares in the last quarter. Jackson Grant Investment Advisers Inc. boosted its position in shares of 3M by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 714 shares of the conglomerate’s stock worth $128,000 after buying an additional 4 shares in the last quarter. Proficio Capital Partners LLC boosted its position in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after buying an additional 404 shares in the last quarter. Finally, American Research & Management Co. boosted its position in shares of 3M by 8.1% in the first quarter. American Research & Management Co. now owns 935 shares of the conglomerate’s stock worth $179,000 after buying an additional 70 shares in the last quarter. Institutional investors and hedge funds own 65.78% of the company’s stock.

In related news, insider Jon T. Lindekugel sold 1,300 shares of 3M stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $197.22, for a total value of $256,386.00. Following the completion of the transaction, the insider now directly owns 2,238 shares in the company, valued at $441,378.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kimberly F. Price sold 3,016 shares of 3M stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $198.11, for a total value of $597,499.76. Following the completion of the transaction, the insider now owns 9,292 shares of the company’s stock, valued at $1,840,838.12. The disclosure for this sale can be found here. Insiders have sold 33,698 shares of company stock valued at $6,593,443 over the last 90 days. Insiders own 0.58% of the company’s stock.

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.