3M (NYSE:MMM) PT Raised to $160.00

3M (NYSE:MMM) had its price target lifted by Bank of America from $143.00 to $160.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the conglomerate’s stock.

A number of other equities research analysts also recently issued reports on the stock. Mizuho boosted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Wells Fargo & Company upped their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Morgan Stanley began coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $135.67.

3M Price Performance

NYSE MMM opened at $124.75 on Wednesday. The stock has a market capitalization of $68.53 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 2.42 and a beta of 0.95. 3M has a 1-year low of $72.47 and a 1-year high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business’s fifty day moving average price is $133.00 and its 200-day moving average price is $114.03.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.68 earnings per share. On average, equities analysts predict that 3M will post 7.26 earnings per share for the current year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.24%. 3M’s dividend payout ratio (DPR) is 35.35%.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of 3M

Several institutional investors and hedge funds have recently bought and sold shares of the business. Tributary Capital Management LLC purchased a new position in shares of 3M during the first quarter worth $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of 3M in the second quarter worth about $28,000. Daymark Wealth Partners LLC grew its holdings in 3M by 8.6% during the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares during the period. McClarren Financial Advisors Inc. lifted its holdings in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the period. Finally, Meeder Asset Management Inc. boosted its position in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.