Wells Fargo Sticks to Its Buy Rating for 3M (MMM)
Wells Fargo analyst Joe O’Dea maintained a Buy rating on 3M on February 19 and set a price target of $175.00. The company’s shares closed last Friday at $165.05.
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According to TipRanks, O’Dea is a 5-star analyst with an average return of 12.0% and a 63.47% success rate. O’Dea covers the Industrials sector, focusing on stocks such as Dover, Honeywell International, and Parker Hannifin.
In addition to Wells Fargo, 3M also received a Buy from Barclays’s Julian Mitchell in a report issued on February 18. However, on February 6, TipRanks – Google reiterated a Hold rating on 3M (NYSE: MMM).
Based on 3M’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $6.13 billion and a net profit of $577 million. In comparison, last year the company earned a revenue of $6.01 billion and had a net profit of $728 million
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MMM in relation to earlier this year. Earlier this month, Theresa E Reinseth, the Sr VP & CAO of MMM sold 5,145.00 shares for a total of $888,795.58.
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