Barclays Reiterates “Sell” Rating for 3M (NYSE:MMM)

3M (NYSE:MMM)‘s stock had its “sell” rating reiterated by research analysts at Barclays in a report issued on Thursday, June 6th, AnalystRatings.com reports. They currently have a $162.00 price target on the conglomerate’s stock. Barclays‘s price target would suggest a potential downside of 7.17% from the company’s current price.

MMM has been the topic of a number of other reports. Wolfe Research set a $174.00 price objective on shares of 3M and gave the company a “sell” rating in a report on Friday, April 26th. Morgan Stanley decreased their price objective on shares of 3M from $184.00 to $172.00 and set an “equal weight” rating for the company in a research report on Friday, May 24th. Citigroup set a $221.00 price objective on shares of 3M and gave the stock a “buy” rating in a research report on Friday, April 26th. Deutsche Bank reduced their price target on shares of 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research report on Friday, April 26th. Finally, JPMorgan Chase & Co. reduced their price target on shares of 3M from $158.00 to $154.00 and set an “underweight” rating for the company in a research report on Friday, March 29th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $191.15.

Shares of 3M stock traded up $1.17 on Thursday, hitting $174.51. 2,015,641 shares of the company traded hands, compared to its average volume of 2,762,415. The company has a 50 day moving average of $168.38. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.38 and a current ratio of 2.02. 3M has a 52 week low of $159.32 and a 52 week high of $219.75. The stock has a market cap of $99.92 billion, a P/E ratio of 16.68, a PEG ratio of 1.83 and a beta of 1.09.

3M (NYSE:MMM) last issued its quarterly earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.27). The business had revenue of $7.86 billion for the quarter, compared to analyst estimates of $8.02 billion. 3M had a return on equity of 57.42% and a net margin of 17.43%. The business’s revenue for the quarter was down 5.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.50 earnings per share. On average, analysts forecast that 3M will post 9.31 EPS for the current fiscal year.

In other 3M news, insider Joaquin Delgado sold 5,400 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $169.68, for a total transaction of $916,272.00. Following the transaction, the insider now directly owns 28,092 shares of the company’s stock, valued at approximately $4,766,650.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory R. Page acquired 1,000 shares of the stock in a transaction on Thursday, May 9th. The shares were acquired at an average cost of $176.26 per share, for a total transaction of $176,260.00. Following the completion of the transaction, the director now directly owns 4,000 shares in the company, valued at approximately $705,040. The disclosure for this purchase can be found here. Insiders bought a total of 3,200 shares of company stock worth $559,260 over the last 90 days. Company insiders own 0.83% of the company’s stock.

Several large investors have recently modified their holdings of MMM. BlackRock Inc. increased its position in 3M by 3.0% during the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock worth $7,435,433,000 after purchasing an additional 1,152,714 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in 3M by 17,350.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock worth $141,000 after buying an additional 26,742,875 shares during the period. Northern Trust Corp grew its stake in 3M by 2.4% during the fourth quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock worth $1,526,587,000 after buying an additional 186,257 shares during the period. Geode Capital Management LLC grew its stake in 3M by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock worth $1,410,584,000 after buying an additional 353,754 shares during the period. Finally, Norges Bank purchased a new stake in 3M during the fourth quarter worth approximately $918,305,000. 66.65% of the stock is currently owned by institutional investors and hedge funds.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Analyst Recommendations for 3M (NYSE:MMM)

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