StockNews.com Begins Coverage on 3M (NYSE:MMM)

StockNews.com assumed coverage on shares of 3M (NYSE:MMM - Free Report) in a report published on Thursday. The firm issued a buy rating on the conglomerate's stock.

Several other research firms have also recently weighed in on MMM. JPMorgan Chase & Co. raised 3M from a neutral rating to an overweight rating and increased their price target for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Barclays lifted their price objective on 3M from $112.00 to $118.00 and gave the stock an overweight rating in a report on Tuesday, May 28th. Vertical Research raised 3M from a hold rating to a buy rating and lifted their price objective for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. Royal Bank of Canada lifted their price objective on 3M from $78.00 to $87.00 and gave the stock an underperform rating in a report on Wednesday, May 1st. Finally, Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a neutral rating for the company in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, 3M presently has an average rating of Hold and a consensus price target of $108.55.

3M Stock Down 0.9 %

MMM traded down $0.85 during trading on Thursday, hitting $98.21. 2,509,693 shares of the company's stock traded hands, compared to its average volume of 5,713,975. The company's 50 day simple moving average is $96.62 and its two-hundred day simple moving average is $99.02. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. 3M has a 12-month low of $71.12 and a 12-month high of $106.04. The stock has a market capitalization of $54.35 billion, a price-to-earnings ratio of -7.74, a PEG ratio of 1.82 and a beta of 0.96.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate 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 business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same period last year, the business posted $1.97 EPS. Analysts predict that 3M will post 7.23 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be given a $0.70 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.85%. 3M's payout ratio is -22.01%.

Hedge Funds Weigh In On 3M

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate's stock valued at $5,246,367,000 after acquiring an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in 3M by 0.4% during 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 during the last quarter. Norges Bank bought a new stake in 3M during the fourth quarter worth approximately $502,585,000. Bank of New York Mellon Corp increased its stake in 3M by 10.6% during 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 during the last quarter. Finally, Invesco Ltd. increased its stake in 3M by 2.4% during 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 during the last quarter. 65.25% of the stock is currently owned by hedge funds and other 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.