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3M COMPANY

(MMM)
  Report
Delayed Nyse  -  04:03:44 2023-01-27 pm EST
115.25 USD   +1.50%
01/26Mizuho Securities Adjusts 3M Company's Price Target to $120 From $130, Maintains Neutral Rating
MT
01/25Tech firms, Wall Street lead job cuts in corporate America
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01/25Deutsche Bank Adjusts 3M Company Price Target to $119 From $120, Maintains Hold Rating
MT
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3M wins injunction against mask seller accused of price gouging

05/05/2020 | 07:58pm EST
FILE PHOTO: Various N95 respiration masks at a laboratory of 3M, that has been contracted by the U.S. government to produce extra marks in response to the country's novel coronavirus outbreak, in Maplewood, Minnesota

By Jonathan Stempel

3M Co won an injunction from a federal judge against a New Jersey company it accused of illegally using its trademarks to sell 3M-branded N95 respirator masks at inflated prices to exploit the coronavirus pandemic.

U.S. District Judge Loretta Preska in Manhattan on Monday blocked Performance Supply LLC of Englishtown, New Jersey from using 3M's name and logo, or posing as an authorized 3M distributor, to help sell masks.

3M, based in St. Paul, Minnesota, is the world's largest maker of N95 masks, which are designed to filter 95% of airborne particles.

It said it sued after learning that Performance Supply tried to sell 7 million masks to New York City's Office of Citywide Procurement for $43.85 million, or an average $6.26 each, according to its invoice.

3M said the markup was roughly five times its list prices of $1.02 to $1.31 per mask, depending on the model, and amounted to "extreme" price gouging.

Performance Supply could not immediately be reached on Tuesday for comment. 3M has filed at least 10 similar lawsuits in several courts, and the preliminary injunction is its first.

"The goal from the start has been to try to get rid of 'static' in the system so that procurement officers don't have to sort through misleading offers, and we can get our respirators where they need to be," William Childs, a senior counsel at 3M, said in an interview.

Judge Preska said Performance Supply's conduct would likely irreparably harm 3M's reputation if it continued.

She also said an injunction served the public interest, and governments, hospitals and other healthcare providers should not have to squander resources to investigate the masks' origins.

"When lives are at stake and time is of the essence, as is clearly the case in this crisis, the public interest demands accountability," Preska wrote.

New York City is part of the epicenter for the pandemic within the United States.

3M in January doubled its annual production rate of N95 masks to 1.1 billion. Chief Executive Mike Roman said last week that the company is working with the U.S. Department of Defense to boost annual production to 2 billion by year end.

(Reporting by Jonathan Stempel in New York; Editing by Steve Orlofsky)


ę Reuters 2020
All news about 3M COMPANY
01/26Mizuho Securities Adjusts 3M Company's Price Target to $120 From $130, Maintains Neutra..
MT
01/25Tech firms, Wall Street lead job cuts in corporate America
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01/25Deutsche Bank Adjusts 3M Company Price Target to $119 From $120, Maintains Hold Rating
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01/25Intercontinental Exchange Unit NYSE Reportedly Attributes Trading Glitch to 'Manual Err..
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01/25JPMorgan Chase Adjusts Price Target on 3M Company to $105 From $120, Maintains Neutral ..
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01/25UBS Adjusts 3M Company Price Target to $115 From $124, Maintains Neutral Rating
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01/25Wells Fargo Adjusts Price Target on 3M Company to $115 From $125, Maintains Equalweight..
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01/25Goldman Sachs Adjusts Price Target on 3M Company to $118 From $123, Maintains Neutral R..
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01/25Barclays Adjusts Price Target on 3M Company to $122 From $130, Maintains Underweight Ra..
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01/25RBC Cuts Price Target on 3M to $106 From $113, Citing Q4 Miss, 'Disappointing' 2023 Gui..
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Analyst Recommendations on 3M COMPANY
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Financials (USD)
Sales 2022 34 190 M - -
Net income 2022 6 254 M - -
Net Debt 2022 11 763 M - -
P/E ratio 2022 10,5x
Yield 2022 5,17%
Capitalization 63 300 M 63 300 M -
EV / Sales 2022 2,20x
EV / Sales 2023 2,36x
Nbr of Employees 95 000
Free-Float 57,8%
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Technical analysis trends 3M COMPANY
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Last Close Price 115,25 $
Average target price 125,12 $
Spread / Average Target 8,56%
EPS Revisions
Managers and Directors
Michael F. Roman Chairman & Chief Executive Officer
Monish Patolawala EVP, Chief Financial & Transformation Officer
John Patrick Banovetz Director-Industrial Adhesives & Tapes Division
Mark W. Murphy Executive VP, Chief Information & Digital Officer
Michael A. Duran Senior VP, Chief Ethics & Compliance Officer
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