3M (NYSE:MMM) Price Target Increased to $140.00 by Analysts at Wells Fargo & Company

3M (NYSE:MMM) had its price target upped by analysts at Wells Fargo & Company from $130.00 to $140.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the conglomerate’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 4.14% from the company’s current price.

Other analysts also recently issued research reports about the company. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Barclays raised their price objective on 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada raised their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Finally, StockNews.com cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $127.64.

3M Trading Down 0.6 %

MMM traded down $0.83 during mid-day trading on Monday, reaching $134.44. The stock had a trading volume of 1,287,344 shares, compared to its average volume of 4,994,932. The stock has a market capitalization of $74.39 billion, a P/E ratio of -10.57, a P/E/G ratio of 2.51 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The firm’s fifty day simple moving average is $130.70 and its two-hundred day simple moving average is $110.52. 3M has a 52 week low of $71.12 and a 52 week high of $140.72.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period last year, the company earned $2.17 EPS. On average, equities analysts predict that 3M will post 7.22 EPS for the current year.

Insider Buying and Selling at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’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 transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several institutional investors have recently made changes to their positions in MMM. Balyasny Asset Management L.P. raised its holdings in shares of 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after purchasing an additional 2,010,319 shares during the period. Capital World Investors acquired a new stake in shares of 3M in the 1st quarter worth about $165,986,000. National Bank of Canada FI raised its holdings in shares of 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after acquiring an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of 3M by 1,015.6% in the 1st quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after acquiring an additional 808,914 shares during the last quarter. Finally, Electron Capital Partners LLC acquired a new stake in shares of 3M in the 2nd quarter worth about $76,732,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

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.