3M Co. (MMM) Shares Off After Morgan Stanley Downgrade
Shares of 3M Co. (MMM) closed down -5.83 or -4.37 percent to $127.68 per share on Monday, after Morgan Stanley MS downgraded the companyâ s stock in a report released Monday morning. Shares of 3M began selling off after news of the report, having reached an all time high of $134.16 per share on Friday. 3M Co is up +48 percent this year, compared to the S&P 500, which has gained +28 percent in 2013.
The stock, which gapped lower on the opening sank to a two week low on high volume and was the biggest loser in the Dow Jones Industrial Average on Monday.
St. Paul, Minnesota based 3M Company was formerly known as Minnesota Mining and Manufacturing and is an American transnational conglomerate with laboratories and manufacturing operations in over 65 countries worldwide. The company manufactures over 55,000 products and employs more than 88,000 people. 3M sells its products through retailers and distributors in 196 countries and through its online website. Nigel Coe, analyst for Morgan Stanley, downgraded the stock from Equalweight to Underweight and reduced his price target for the stock from $123.00 to $122.00. The analyst cited a â
Published on Dec 3, 2013
By Jay Hawk