RBC Capital Reaffirms Their Hold Rating on 3M Company

By Ryan Adsit

In a report issued on October 11, Deane Dray from RBC Capital reiterated a Hold rating on 3M Company (NYSE: MMM), with a price target of $205. The company’s shares opened today at $218.83, close to its 52-week high of $219.76.

According to TipRanks.com, Dray is a 5-star analyst with an average return of 7.2% and a 68.0% success rate. Dray covers the Industrial Goods sector, focusing on stocks such as Atkore International Group Inc, Lincoln Electric Holdings, and Emerson Electric Company.

Currently, the analyst consensus on 3M Company is Moderate Buy and the average price target is $220.67, representing a 0.8% upside.

In a report issued on October 9, Stifel Nicolaus also reiterated a Hold rating on the stock with a $220 price target.

Based on 3M Company’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $7.81 billion and quarterly net profit of $1.58 billion. In comparison, last year the company earned revenue of $7.71 billion and had a net profit of $1.33 billion.

Based on the recent corporate insider activity of 103 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2017, Eric Hammes, the VP, Corp Controller & CAO of MMM sold 1,428 shares for a total of $295,102.

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