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

3M (NYSE:MMM) had its price target lifted by analysts at Barclays from $161.00 to $165.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the conglomerate’s stock. Barclays‘s target price would suggest a potential upside of 10.26% from the company’s previous close.

Several other brokerages have also commented on MMM. Royal Bank of Canada decreased their price target on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday, January 3rd. JPMorgan Chase & Co. decreased their target price on 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Bank of America increased their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Mizuho increased their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

3M Stock Up 0.4 %

Shares of NYSE:MMM opened at $149.64 on Wednesday. 3M has a 52-week low of $75.40 and a 52-week high of $152.08. The business has a fifty day moving average of $132.09 and a two-hundred day moving average of $128.67. The stock has a market cap of $81.49 billion, a P/E ratio of 19.82, a PEG ratio of 2.42 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 97.19% and a net margin of 15.71%. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5,770,390 billion. During the same quarter in the prior year, the company posted $2.42 EPS. The company’s quarterly revenue was down 25.0% on a year-over-year basis. On average, research analysts expect that 3M will post 7.66 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. State Street Corp grew its stake in 3M by 1.1% during the 3rd quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after buying an additional 302,900 shares during the last quarter. FMR LLC lifted its position in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in 3M by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock worth $521,596,000 after acquiring an additional 43,942 shares during the period. AQR Capital Management LLC lifted its position in 3M by 18.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock worth $258,686,000 after acquiring an additional 396,773 shares during the period. Finally, National Pension Service lifted its position in 3M by 14.5% during the 3rd quarter. National Pension Service now owns 1,268,003 shares of the conglomerate’s stock worth $173,336,000 after acquiring an additional 161,036 shares during the period. Hedge funds and other institutional investors 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.