Bank of America Forecasts Strong Price Appreciation for 3M (NYSE:MMM) Stock

3M (NYSE:MMM) had its price objective raised by research analysts at Bank of America from $175.00 to $179.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the conglomerate’s stock. Bank of America‘s price objective would suggest a potential upside of 22.31% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Price Performance

MMM opened at $146.36 on Thursday. 3M has a one year low of $77.91 and a one year high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company’s 50 day simple moving average is $144.51 and its 200-day simple moving average is $136.17. The stock has a market capitalization of $79.46 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the prior year, the firm earned $2.42 earnings per share. 3M’s revenue was down 25.0% compared to the same quarter last year. Sell-side analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last quarter. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several institutional investors and hedge funds have recently added to or reduced their stakes in MMM. Financial Life Planners acquired a new stake in shares of 3M during the fourth quarter worth $25,000. Proficio Capital Partners LLC acquired a new stake in shares of 3M during the fourth quarter worth $26,000. REAP Financial Group LLC increased its position in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after buying an additional 94 shares during the period. FSA Wealth Management LLC acquired a new stake in shares of 3M during the third quarter worth $27,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the fourth quarter worth $27,000. 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.