Vertical Research Upgrades 3M (MMM)
Fintel reports that on May 16, 2024, Vertical Research upgraded their outlook for 3M (NYSE:MMM) from Hold to Buy.
Analyst Price Forecast Suggests 1.23% Upside
As of May 8, 2024, the average one-year price target for 3M is 102.48. The forecasts range from a low of 87.87 to a high of $117.60. The average price target represents an increase of 1.23% from its latest reported closing price of 101.24.
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The projected annual revenue for 3M is 35,289MM, an increase of 8.07%. The projected annual non-GAAP EPS is 11.15.
What is the Fund Sentiment?
There are 2,683 funds or institutions reporting positions in 3M. This is an decrease of 84 owner(s) or 3.04% in the last quarter. Average portfolio weight of all funds dedicated to MMM is 0.27%, an increase of 7.23%. Total shares owned by institutions decreased in the last three months by 0.76% to 383,107K shares. 
The put/call ratio of MMM is 0.65, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 17,337K shares representing 3.13% ownership of the company. In its prior filing, the firm reported owning 17,430K shares , representing a decrease of 0.54%. The firm increased its portfolio allocation in MMM by 3.79% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 13,491K shares representing 2.44% ownership of the company. In its prior filing, the firm reported owning 13,264K shares , representing an increase of 1.68%. The firm increased its portfolio allocation in MMM by 4.91% over the last quarter.
Geode Capital Management holds 11,100K shares representing 2.01% ownership of the company. In its prior filing, the firm reported owning 10,823K shares , representing an increase of 2.50%. The firm decreased its portfolio allocation in MMM by 26.46% over the last quarter.
SCHD - Schwab U.S. Dividend Equity ETF holds 8,795K shares representing 1.59% ownership of the company. In its prior filing, the firm reported owning 8,852K shares , representing a decrease of 0.65%. The firm decreased its portfolio allocation in MMM by 15.52% over the last quarter.
State Farm Mutual Automobile Insurance holds 8,277K shares representing 1.50% ownership of the company. In its prior filing, the firm reported owning 8,416K shares , representing a decrease of 1.67%. The firm decreased its portfolio allocation in MMM by 43.86% over the last quarter.
3M Background Information
(This description is provided by the company.)
3M Company is a diversified corporation manufacturing a wide range of products, including abrasives, adhesive tape and related products, and consumer-electronics components. It is headquartered in St. Paul, Minnesota. 3M apply science in collaborative ways to improve lives daily. With $32 billion in sales, 96,000 employees connect with customers all around the world.
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This story originally appeared on Fintel.