3M (MMM) Now Covered by Analysts at Credit Suisse Group

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Credit Suisse Group started coverage on shares of 3M (NYSE:MMM) in a research report sent to investors on Friday morning, Marketbeat reports. The firm issued an outperform rating and a $228.00 price objective on the conglomerate’s stock.

MMM has been the topic of several other research reports. Zacks Investment Research upgraded shares of 3M from a sell rating to a hold rating in a research note on Tuesday, September 11th. ValuEngine lowered shares of 3M from a hold rating to a sell rating in a report on Thursday, June 21st. Barclays cut their price objective on shares of 3M from $210.00 to $201.00 and set an underweight rating for the company in a report on Wednesday, July 25th. Deutsche Bank increased their price objective on shares of 3M from $210.00 to $220.00 and gave the company a hold rating in a report on Friday, September 28th. Finally, Gordon Haskett initiated coverage on shares of 3M in a report on Friday. They set a buy rating for the company. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $233.79.

MMM traded up $1.50 during midday trading on Friday, hitting $198.23. 2,765,881 shares of the company traded hands, compared to its average volume of 2,568,672. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56. The stock has a market capitalization of $123.61 billion, a P/E ratio of 21.62, a P/E/G ratio of 2.02 and a beta of 1.15. 3M has a 52 week low of $190.57 and a 52 week high of $259.77.

3M (NYSE:MMM) last posted its earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.58 by $0.01. 3M had a net margin of 13.44% and a return on equity of 51.31%. The business had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.36 billion. During the same quarter in the prior year, the business earned $2.58 EPS. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. Research analysts forecast that 3M will post 10.28 EPS for the current fiscal year.

In related news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at $1,216,944. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of the firm’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $203.01, for a total transaction of $1,301,294.10. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MMM. Allianz Life Insurance Co of North America purchased a new stake in shares of 3M during the first quarter worth about $239,000. Holderness Investments Co. grew its stake in shares of 3M by 7.3% during the second quarter. Holderness Investments Co. now owns 4,350 shares of the conglomerate’s stock worth $856,000 after acquiring an additional 295 shares during the last quarter. State Treasurer State of Michigan grew its stake in shares of 3M by 0.3% during the second quarter. State Treasurer State of Michigan now owns 175,776 shares of the conglomerate’s stock worth $34,579,000 after acquiring an additional 500 shares during the last quarter. Boulegeris Investments Inc. grew its stake in shares of 3M by 28.8% during the second quarter. Boulegeris Investments Inc. now owns 6,526 shares of the conglomerate’s stock worth $1,284,000 after acquiring an additional 1,461 shares during the last quarter. Finally, Burney Co. grew its stake in shares of 3M by 7.5% during the second quarter. Burney Co. now owns 102,426 shares of the conglomerate’s stock worth $20,149,000 after acquiring an additional 7,105 shares during the last quarter. 66.98% of the stock is owned by institutional investors.

About 3M

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

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Analyst Recommendations for 3M (NYSE:MMM)

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