JPMorgan Chase & Co. Lowers 3M (NYSE:MMM) Price Target to $162.00

3M (NYSE:MMM) had its price target dropped by JPMorgan Chase & Co. from $165.00 to $162.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 16.39% from the stock’s previous close.

A number of other research analysts have also commented on the company. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Barclays dropped their price objective on shares of 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada lowered their price target on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday, January 3rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.13.

3M Stock Performance

NYSE:MMM opened at $139.19 on Wednesday. The firm has a market capitalization of $75.79 billion, a PE ratio of 17.57, a PEG ratio of 2.01 and a beta of 0.95. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm’s fifty day simple moving average is $130.99 and its 200 day simple moving average is $127.20.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the business posted $2.68 earnings per share. The firm’s revenue was down 24.3% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M will post 7.27 EPS for the current year.

Institutional Trading of 3M

Hedge funds have recently bought and sold shares of the stock. Charles Schwab Trust Co boosted its position in 3M by 13.8% during the 4th quarter. Charles Schwab Trust Co now owns 3,946 shares of the conglomerate’s stock worth $509,000 after acquiring an additional 480 shares during the last quarter. Mitchell & Pahl Private Wealth LLC lifted its position in shares of 3M by 3.6% in the fourth quarter. Mitchell & Pahl Private Wealth LLC now owns 21,650 shares of the conglomerate’s stock worth $2,795,000 after purchasing an additional 759 shares in the last quarter. Strong Tower Advisory Services boosted its holdings in 3M by 4.5% during the fourth quarter. Strong Tower Advisory Services now owns 46,715 shares of the conglomerate’s stock worth $6,030,000 after purchasing an additional 2,020 shares during the last quarter. Diversify Wealth Management LLC grew its position in 3M by 32.5% in the fourth quarter. Diversify Wealth Management LLC now owns 5,021 shares of the conglomerate’s stock valued at $659,000 after purchasing an additional 1,232 shares in the last quarter. Finally, Grove Bank & Trust grew its position in 3M by 6.6% in the fourth quarter. Grove Bank & Trust now owns 1,686 shares of the conglomerate’s stock valued at $218,000 after purchasing an additional 105 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

About 3M

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.