Bank of America Raises 3M (NYSE:MMM) Price Target to $160.00

3M (NYSE:MMM) had its target price raised by Bank of America from $143.00 to $160.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the conglomerate’s stock.

A number of other equities research analysts also recently weighed in on MMM. Royal Bank of Canada raised their target price on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Barclays raised their price objective on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Mizuho lifted their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the company from $110.00 to $150.00 in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average price target of $135.67.

3M Stock Down 1.4 %

Shares of NYSE MMM opened at $124.73 on Wednesday. The stock has a market capitalization of $68.52 billion, a P/E ratio of 15.75, a PEG ratio of 2.42 and a beta of 0.95. The stock’s fifty day moving average is $133.00 and its 200 day moving average is $113.88. 3M has a 52 week low of $72.47 and a 52 week high of $141.34. 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 (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 net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the company earned $2.68 EPS. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. Sell-side analysts forecast that 3M will post 7.26 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.24%. 3M’s dividend payout ratio (DPR) is 35.35%.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’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 transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed 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 company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The stock was 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 of the company’s stock, valued at approximately $541,659.68. This trade represents 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 currently owned by company insiders.

Institutional Investors Weigh In On 3M

Several large investors have recently added to or reduced their stakes in the business. Stonegate Investment Group LLC boosted its holdings in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares in the last quarter. Ausdal Financial Partners Inc. boosted its stake in 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after acquiring an additional 249 shares in the last quarter. Candriam S.C.A. grew its holdings in 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after purchasing an additional 6,185 shares during the period. True Vision MN LLC bought a new stake in 3M in the second quarter valued at $512,000. Finally, Clifford Capital Partners LLC raised its holdings in shares of 3M by 21.3% during the second quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock valued at $17,490,000 after purchasing an additional 30,009 shares during the period. 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.