3M (NYSE:MMM) Receives Underperform Rating from Royal Bank of Canada

3M (NYSE:MMM)‘s stock had its “underperform” rating restated by investment analysts at Royal Bank of Canada in a note issued to investors on Wednesday,Benzinga reports. They currently have a $96.00 target price on the conglomerate’s stock. Royal Bank of Canada’s price objective would suggest a potential downside of 35.61% from the company’s current price.

Other equities research analysts have also issued reports about the stock. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research note on Saturday. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. Bank of America upped their price objective on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Mizuho upped their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

3M Price Performance

MMM stock traded up $2.21 during trading on Wednesday, reaching $149.10. 3,622,806 shares of the company were exchanged, compared to its average volume of 4,535,650. 3M has a twelve month low of $75.40 and a twelve month high of $152.08. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company has a market capitalization of $81.19 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 2.30 and a beta of 0.95. The company has a 50-day moving average of $131.73 and a two-hundred day moving average of $128.53.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5,770,390 billion. During the same period in the previous year, the firm posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% compared to the same quarter last year. As a group, equities analysts predict that 3M will post 7.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 3M

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FSA Wealth Management LLC bought a new position in 3M in the 3rd quarter worth $27,000. Daymark Wealth Partners LLC raised its holdings in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. raised its holdings in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares in the last quarter. ORG Partners LLC raised its holdings in 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares in the last quarter. Finally, True Wealth Design LLC raised its holdings in 3M by 2,466.7% in the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Company Profile

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.