3M (NYSE:MMM) Receives $123.57 Average Price Target from Brokerages

3M (NYSE:MMM) has been assigned an average rating of “Moderate Buy” from the fourteen analysts that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $123.57.

A number of research firms have issued reports on MMM. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Wells Fargo & Company increased their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. HSBC raised 3M from a “hold” rating to a “buy” rating and lifted their price objective for the company from $91.13 to $115.00 in a report on Friday, May 10th. Citigroup increased their target price on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st.

3M Trading Up 0.2 %

Shares of NYSE:MMM opened at $131.61 on Thursday. 3M has a 12-month low of $71.12 and a 12-month high of $132.62. The business has a 50 day moving average of $113.67 and a 200-day moving average of $102.93. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market cap of $72.83 billion, a PE ratio of -10.35, a P/E/G ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the previous year, the company posted $2.17 EPS. As a group, equities research analysts forecast that 3M will post 7.21 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’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 completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MMM. Fortis Capital Advisors LLC raised its stake in 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after buying an additional 84 shares during the last quarter. Brown Brothers Harriman & Co. raised its position in shares of 3M by 0.4% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock worth $2,311,000 after acquiring an additional 97 shares in the last quarter. AMG National Trust Bank lifted its stake in shares of 3M by 3.1% in the 2nd quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock valued at $340,000 after purchasing an additional 100 shares during the period. Platinum Investment Management Ltd. boosted its position in shares of 3M by 11.4% during the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after purchasing an additional 104 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after purchasing an additional 105 shares during the period. 65.25% of the stock is 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.