3M (NYSE:MMM) PT Raised to $110.00 at Wells Fargo & Company

3M (NYSE:MMM) had its target price upped by research analysts at Wells Fargo & Company from $100.00 to $110.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the conglomerate’s stock. Wells Fargo & Company‘s price target points to a potential upside of 10.00% from the company’s previous close.

Several other research firms have also issued reports on MMM. StockNews.com started coverage on 3M in a research report on Thursday, June 6th. They issued a “buy” rating on the stock. Royal Bank of Canada raised their price objective on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. Bank of America raised 3M from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $105.00 to $120.00 in a research note on Friday, June 7th. Barclays raised their price objective on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Finally, JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $112.00.

3M Trading Up 0.3 %

Shares of NYSE:MMM traded up $0.31 during midday trading on Wednesday, hitting $100.00. The company had a trading volume of 1,927,126 shares, compared to its average volume of 5,357,769. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The stock has a market cap of $55.34 billion, a price-to-earnings ratio of -7.86, a PEG ratio of 1.88 and a beta of 0.95. The firm has a fifty day simple moving average of $100.39 and a 200 day simple moving average of $98.98.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period last year, the company earned $1.97 EPS. On average, analysts predict that 3M will post 7.17 EPS for the current year.

Institutional Trading of 3M

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fragasso Group Inc. increased its position in shares of 3M by 3.8% in the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after acquiring an additional 93 shares during the last quarter. Bangor Savings Bank increased its position in shares of 3M by 1.0% in the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after acquiring an additional 104 shares during the last quarter. Platinum Investment Management Ltd. increased its position in shares of 3M by 11.4% in the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after acquiring an additional 104 shares during the last quarter. Allen Capital Group LLC increased its position in shares of 3M by 0.5% in the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after acquiring an additional 105 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of 3M by 2.0% in the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after acquiring an additional 105 shares during the last quarter. Institutional investors and hedge funds 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.