3M (NYSE:MMM) Price Target Raised to $165.00

3M (NYSE:MMM) had its price target upped by Barclays from $160.00 to $165.00 in a research report released on Wednesday, Benzinga reports. They currently have an overweight rating on the conglomerate’s stock.

A number of other equities analysts have also recently issued reports on the company. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Morgan Stanley assumed coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Citigroup upped their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company increased their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $135.67.

3M Stock Down 1.4 %

Shares of NYSE MMM opened at $124.75 on Wednesday. 3M has a 12-month low of $72.47 and a 12-month high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The firm has a market cap of $68.53 billion, a PE ratio of 15.75, a P/E/G ratio of 2.42 and a beta of 0.95. The company’s fifty day simple moving average is $133.00 and its 200 day simple moving average is $114.03.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating 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 last year, the business posted $2.68 EPS. The firm’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, sell-side analysts forecast that 3M will post 7.26 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is presently 35.35%.

Insider Transactions at 3M

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. McClarren Financial Advisors Inc. lifted its holdings in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. Tributary Capital Management LLC purchased a new stake in shares of 3M during the 1st quarter valued at approximately $25,000. MFA Wealth Advisors LLC bought a new position in 3M in the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. grew its stake in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in 3M during the 2nd quarter valued at $33,000. Institutional investors 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.