3M (NYSE:MMM) Price Target Raised to $130.00

Key Points

• Royal Bank of Canada has raised its price target for 3M from $120.00 to $130.00, suggesting a potential downside of 23.08% from the stock's previous close, while maintaining an "underperform" rating.
• In contrast, Deutsche Bank has increased its target to $185.00 with a "buy" rating, indicating varied analyst sentiment with seven analysts rating the stock as a "buy."
• 3M's recent trading activity showed an increase in share price to $169.01, with a market capitalization of $90.02 billion and notable sales made by insiders, indicating significant changes in ownership among top executives.

3M (NYSE:MMM - Get Free Report) had its price objective lifted by stock analysts at Royal Bank Of Canada from $120.00 to $130.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "underperform" rating on the conglomerate's stock. Royal Bank Of Canada's price objective would suggest a potential downside of 23.08% from the stock's previous close.

Other analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft lifted their price objective on 3M from $177.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Morgan Stanley set a $160.00 price objective on 3M and gave the company an "equal weight" rating in a research report on Tuesday. Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of 3M in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price target on 3M from $175.00 to $178.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 15th. Seven 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $172.67.

3M Stock Performance

NYSE:MMM traded up $2.37 during trading hours on Wednesday, reaching $169.01. 746,251 shares of the stock were exchanged, compared to its average volume of 3,623,345. The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The firm has a 50 day simple moving average of $155.18 and a 200-day simple moving average of $149.19. 3M has a 52 week low of $121.98 and a 52 week high of $168.89. The stock has a market capitalization of $90.02 billion, a P/E ratio of 23.47, a P/E/G ratio of 2.56 and a beta of 1.05.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On 3M

Several institutional investors and hedge funds have recently made changes to their positions in MMM. Nippon Life Global Investors Americas Inc. increased its holdings in 3M by 1.8% during the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate's stock worth $63,128,000 after purchasing an additional 7,620 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in 3M in the first quarter worth $2,506,000. Independent Solutions Wealth Management LLC raised its stake in 3M by 372.2% in the 1st quarter. Independent Solutions Wealth Management LLC now owns 7,833 shares of the conglomerate's stock valued at $1,150,000 after acquiring an additional 6,174 shares during the period. MFG Wealth Management Inc. bought a new stake in 3M in the 1st quarter valued at about $1,059,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of 3M by 0.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,689,348 shares of the conglomerate's stock worth $248,098,000 after acquiring an additional 9,064 shares during the period. 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.

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