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.
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.
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.
Featured Story: Stock Selection – What is cash flow?
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.