3M’s Stock Outlook Upgraded Amid Mixed Fund Sentiment
On October 22, 2024, Melius Research raised its rating for 3M (SWX:MMM) from Hold to Buy.
Analyst Predictions Indicate Price Drop Ahead
As of November 27, 2023, analysts project an average one-year price target for 3M at CHF 92.84 per share. The estimates vary, with a low of CHF 74.26 and a high of CHF 111.62. This average target reflects a potential decline of 19.27% from 3M’s latest closing price of CHF 115.00 per share.
For a deeper dive, view our leaderboard of companies with the greatest price target upside.
Revenue and Earnings Forecasts
The projected annual revenue for 3M stands at CHF 33,236 million, marking a minor increase of 1.83%. Meanwhile, the expected non-GAAP earnings per share (EPS) is CHF 9.61.
Fund Ownership Insights
Currently, 2,807 funds and institutions report holdings in 3M, a rise of 102 or 3.77% in the last quarter. The average portfolio weight dedicated to MMM stands at 0.30%, up 9.73%. Over the past three months, institutional ownership increased by 4.05% to 394,579K shares.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares owns 17,506K shares, accounting for 3.19% of the company. This represents a slight rise from 17,383K shares reported earlier, with a decrease in portfolio allocation by 5.65% last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 14,203K shares, or 2.59% of 3M, which is an increase from 13,928K shares. However, its portfolio allocation in MMM declined by 7.00% over the same period.
Geode Capital Management has increased its holdings to 11,288K shares (2.05% ownership), up from 11,100K shares, despite a significant decrease in its portfolio allocation by 41.95% last quarter.
Additionally, State Farm Mutual Automobile Insurance maintains 8,277K shares (1.51% ownership) with no change noted in the last quarter. Newport Trust has seen its holdings drop slightly to 7,592K shares (1.38% ownership), down from 7,802K shares, alongside a portfolio allocation reduction of 13.34% over the previous quarter.
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