3M (NYSE:MMM) Receives $124.43 Consensus Target Price from Analysts

3M (NYSE:MMM) has earned an average rating of “Hold” from the fourteen research firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $124.43.

MMM has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised 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 note on Monday, July 29th. Citigroup raised their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Royal Bank of Canada upped their price objective on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Wells Fargo & Company raised their target price on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research report on Thursday, June 13th.

3M Stock Performance

NYSE:MMM opened at $134.77 on Monday. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The stock has a market capitalization of $74.58 billion, a PE ratio of -10.60, a P/E/G ratio of 2.41 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $135.32. The company has a fifty day moving average of $124.63 and a two-hundred day moving average of $108.02.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the firm earned $2.17 EPS. As a group, research analysts forecast that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. 3M’s payout ratio is currently -22.01%.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’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 transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, 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 value of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’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 owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Institutional Trading of 3M

A number of institutional investors and hedge funds have recently bought and sold shares of MMM. Ausdal Financial Partners Inc. increased its stake in 3M by 6.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after buying an additional 249 shares during the period. Candriam S.C.A. raised its stake in shares of 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after acquiring an additional 6,185 shares in the last quarter. True Vision MN LLC purchased a new position in 3M in the second quarter valued at $512,000. Jade Capital Advisors LLC acquired a new position in 3M during the 4th quarter worth $4,373,000. Finally, Scarborough Advisors LLC acquired a new stake in 3M in the 4th quarter valued at about $978,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

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.