Melius Research Raises Rating on 3M to Buy, Signaling Growth Potential
Analysts Predict Solid Price Gains Ahead
On October 22, 2024, Melius Research announced an upgrade of 3M (LSE:0QNY) from Hold to Buy.
The average one-year price target for 3M now stands at 124.26 GBX/share. Analysts set the forecasts with a range from 86.32 GBX to 146.84 GBX. This new target indicates a potential upside of 7.26% from the most recent closing price of 115.85 GBX/share.
Annual Revenue and Earnings Predictions
The expected annual revenue for 3M is 33,236MM, reflecting a modest rise of 1.83%. Meanwhile, the anticipated annual non-GAAP EPS is projected to be 9.61.
Fund Sentiment Analysis
A total of 2,807 funds or institutions have reported positions in 3M, marking an increase of 102 owners, or 3.77%, in the past quarter. The average portfolio weight across all funds for 0QNY is 0.30%, which is an increase of 9.73%. Additionally, institutional ownership grew by 4.05% over the last three months, bringing the total to 394,579K shares.
Institutional Investor Activity
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 17,506K shares, which is 3.19% of the company. This represents a slight increase of 0.70% from their previous filing when they owned 17,383K shares. However, their portfolio allocation in 0QNY fell by 5.65% last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares owns 14,203K shares, accounting for 2.59% of 3M. Their previous filing indicated ownership of 13,928K shares, showing a 1.94% increase. Nonetheless, this firm also reduced its allocation in 0QNY by 7.00%.
Geode Capital Management owns 11,288K shares, representing 2.05% of 3M. This marks a 1.66% increase from 11,100K shares previously, although their portfolio allocation in 0QNY dropped significantly by 41.95% in the last quarter.
State Farm Mutual Automobile Insurance maintains 8,277K shares, holding steady at 1.51% ownership with no changes in the last quarter.
Newport Trust possesses 7,592K shares, representing 1.38% of the company. In its last filing, it reported owning 7,802K shares, indicating a decrease of 2.77%, and their portfolio allocation in 0QNY declined by 13.34% over the last quarter.
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