3M (NYSE:MMM) PT Raised to $165.00 at Barclays

3M (NYSE:MMM) had its target price lifted by investment analysts at Barclays from $160.00 to $165.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the conglomerate’s stock. Barclays‘s price objective would suggest a potential upside of 30.50% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada lifted their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Bank of America increased their price objective on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Morgan Stanley started coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price for the company. Finally, Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two equities 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $135.67.

3M Price Performance

Shares of NYSE MMM opened at $126.44 on Wednesday. 3M has a twelve month low of $72.47 and a twelve month high of $141.34. The company has a market cap of $69.97 billion, a PE ratio of -9.94, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The business’s 50 day moving average price is $133.07 and its two-hundred day moving average price is $113.57. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the firm earned $2.68 EPS. The firm’s revenue was down 24.3% compared to the same quarter last year. On average, analysts predict that 3M will post 7.24 EPS for the current year.

Insider Transactions at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the company’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 value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The stock was 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 of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 3M

Several institutional investors have recently added to or reduced their stakes in the business. Tributary Capital Management LLC acquired a new position in shares of 3M during the 1st quarter valued at $25,000. MFA Wealth Advisors LLC acquired a new position in shares of 3M during the second quarter valued at about $28,000. Daymark Wealth Partners LLC boosted its position in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. grew its stake in shares of 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares during the period. Finally, Meeder Asset Management Inc. increased its position 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. 65.25% of the stock is owned by institutional investors and hedge funds.

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.