3M (NYSE:MMM) Given New $183.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has raised its price target for 3M from $176.00 to $183.00, indicating a potential upside of 8.36% from the current stock price.
• Currently, the company holds a consensus rating of "Moderate Buy" from analysts, with a price target average of $172.67.
• 3M's stock recently traded at $168.87, with a market cap of $89.95 billion and a price-to-earnings ratio of 23.47.

3M (NYSE:MMM - Get Free Report) had its price target hoisted by investment analysts at Wells Fargo & Company from $176.00 to $183.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the conglomerate's stock. Wells Fargo & Company's price objective indicates a potential upside of 8.36% from the company's current price.

Other analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of 3M in a research report on Wednesday, October 8th. Morgan Stanley set a $160.00 price target on 3M and gave the company an "equal weight" rating in a report on Tuesday. Citigroup increased their price target on 3M from $160.00 to $169.00 and gave the company a "neutral" rating in a report on Thursday, October 9th. Royal Bank Of Canada increased their price target on 3M from $120.00 to $130.00 and gave the company an "underperform" rating in a report on Wednesday. Finally, Barclays set a $170.00 price target on 3M in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $172.67.

3M Price Performance

NYSE MMM traded up $2.23 during trading hours on Wednesday, reaching $168.87. 746,251 shares of the stock traded hands, compared to its average volume of 3,623,345. The stock has a 50 day simple moving average of $155.18 and a two-hundred day simple moving average of $149.19. 3M has a 1 year low of $121.98 and a 1 year high of $168.89. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. The company has a market cap of $89.95 billion, a price-to-earnings ratio of 23.47, a price-to-earnings-growth ratio of 2.56 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. The business had revenue of $8.38 billion for the quarter. 3M had a return on equity of 96.48% and a net margin of 16.01%. On average, analysts predict that 3M will post 7.8 EPS for the current fiscal year.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 3M

Several institutional investors and hedge funds have recently bought and sold shares of MMM. GFG Capital LLC acquired a new stake in shares of 3M during the second quarter worth $28,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of 3M during the 1st quarter worth about $28,000. WPG Advisers LLC purchased a new stake in shares of 3M during the 1st quarter worth about $28,000. Saudi Central Bank purchased a new position in 3M in the 1st quarter valued at about $31,000. Finally, Intelligent Financial Strategies purchased a new position in 3M in the 1st quarter valued at about $42,000. 65.25% of the stock is 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.

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