Stock Analysis:3M Company (NYSE:MMM) Stock Target Raised
In analysts note revealed to clients and investors by Credit Suisse on Monday, 14 December, 3M Company (NYSE:MMM) had its target price increased to $175.00. The firm at present has a solid Outperform rating on shares.
From a total of 14 analysts covering 3M (NYSE:MMM) stock, 6 rate it a ”Buy”, 2 a “Sell”, and 7 a ”Hold”. This means that 40% of the ratings are positive. The highest target price is $185 while the lowest target price is $140. The mean of all analyst targets is $161.14 with a 3.12% above today’s ($156.45) stock price. 3M was the topic of 14 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on October 23 with “Underperform” rating. UBS maintained MMM stock in a recent report from July 24 with “Buy” rating.
Approximately 1.97 million shares of stock traded hands. 3M Co (NYSE:MMM) has declined 3.17% since May 11, 2015 and is downtrending. It has outperformed by 1.24% the S&P500.
The overall sentiment of institutions has increased to 0.9 in Q2 2015. Its up 0.14, from 0.76 in 2015Q2. The ratio is positive, as 72 institutions have sold all the shares of 3M Co that they owned while 591 funds have taken shares off the table. 68 funds have purchased shares for the first time while 528 added to their positions. These institutions now hold 420.08 million shares or 1.51% more than the 413.83 million shares they owned in 2015Q2.
The Fund Cb&T Wealth Management currently is holding shares equating to 73.01% of its total portfolio in 3M Co representing a total of 145,268 shares. Another fund,Spinnaker Trust, is holding a total of 699,744 shares equating to 15.18% of their holdings. Additionally, Somerset Group Llc has a 75,973 share stake in 3M Co which represents 11.72% of their total portfolio. The Fund, White Pine Capital Llc, based out of Minnesota, has also built up a stake in the stock, which represents a total of 10.67% of their total portfolio. Finally Atlanta Capital Group, a fund which is based in the state of Georgia reported a total holdings of 257,123 shares.
3M Company is a diversified technology company. The company has a market cap of $95.32 billion.
According to Zacks Investment Research, “3M Company is a diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses. They are an integrated enterprise characterized by substantial intercompany cooperation in research, manufacturing and marketing of products.”