3M (NYSE:MMM) PT Raised to $140.00

3M (NYSE:MMM) had its price target upped by Wells Fargo & Company from $130.00 to $140.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an equal weight rating on the conglomerate’s stock.

A number of other equities research analysts have also recently weighed in on MMM. 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. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They set an underweight rating and a $125.00 price objective for the company. Bank of America increased their target price on 3M from $120.00 to $143.00 and gave the stock a buy rating in a research note on Monday, July 29th. Citigroup lifted their price target on 3M from $100.00 to $133.00 and gave the stock a neutral rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a hold rating to a buy rating and increased their price objective for the company from $110.00 to $150.00 in a research 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 given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $127.64.

3M Price Performance

Shares of 3M stock opened at $133.46 on Monday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a one year low of $71.12 and a one year high of $140.72. The business’s 50 day simple moving average is $131.20 and its two-hundred day simple moving average is $111.08. The stock has a market capitalization of $73.85 billion, a P/E ratio of -10.49, a price-to-earnings-growth ratio of 2.51 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the business earned $2.17 EPS. Analysts forecast that 3M will post 7.22 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insider Transactions 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 value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related 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 value of $700,635.50. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. lifted its holdings in shares of 3M by 313.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Capital World Investors purchased a new stake in 3M in the 1st quarter worth $165,986,000. National Bank of Canada FI lifted its stake in 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 purchasing an additional 1,021,440 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock valued at $94,247,000 after purchasing an additional 808,914 shares in the last quarter. Finally, Electron Capital Partners LLC purchased a new position in shares of 3M during the second quarter valued at about $76,732,000. Institutional investors own 65.25% of the company’s stock.

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.