3M (NYSE:MMM) PT Raised to $165.00 at JPMorgan Chase & Co.

3M (NYSE:MMM) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $160.00 to $165.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 28.24% from the stock’s previous close.

MMM has been the topic of several other reports. Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley assumed coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target for the company. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M currently has an average rating of “Hold” and an average target price of $139.27.

3M Stock Performance

3M stock traded up $3.91 during midday trading on Monday, reaching $128.66. 687,009 shares of the company’s stock were exchanged, compared to its average volume of 4,927,154. The stock’s 50-day simple moving average is $133.00 and its 200 day simple moving average is $114.18. The firm has a market cap of $71.20 billion, a price-to-earnings ratio of -10.11, a P/E/G ratio of 2.42 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 52 week low of $73.15 and a 52 week high of $141.34.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the previous year, the company posted $2.68 EPS. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. On average, analysts expect that 3M will post 7.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 value 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 approximately $541,659.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

Institutional investors and hedge funds have recently made changes to their positions in the stock. McClarren Financial Advisors Inc. lifted its position in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 121 shares during the period. Tributary Capital Management LLC acquired a new stake in 3M during the first quarter worth approximately $25,000. MFA Wealth Advisors LLC bought a new stake in 3M in the second quarter worth approximately $28,000. Meeder Asset Management Inc. lifted its stake in 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares during the period. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M during the 2nd quarter worth approximately $33,000. 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.