3M (NYSE:MMM) Price Target Raised to $164.00 at Barclays

3M (NYSE:MMM - Free Report) had its price target hoisted by Barclays from $160.00 to $164.00 in a research report report published on Wednesday, MarketBeat.com reports. Barclays currently has an overweight rating on the conglomerate's stock.

A number of other brokerages have also recently weighed in on MMM. Bank of America raised their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Citigroup cut their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. dropped their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Tuesday, April 8th. Finally, Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $147.00.

3M Price Performance

Shares of MMM traded down $1.58 during trading hours on Wednesday, reaching $137.30. The company had a trading volume of 2,141,243 shares, compared to its average volume of 4,175,835. The company has a market capitalization of $73.89 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 3.30 and a beta of 1.01. 3M has a 12-month low of $91.56 and a 12-month high of $156.35. The firm has a 50 day simple moving average of $143.15 and a 200-day simple moving average of $138.23. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. Research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.13%. This is an increase from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. 3M's payout ratio is presently 36.87%.

Insider Buying and Selling

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the transaction, the insider now directly owns 5,153 shares in the company, valued at $774,238.25. This trade represents a 24.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of the business's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the sale, the executive vice president now owns 4,902 shares of the company's stock, valued at $734,564.70. The trade was a 57.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,736 shares of company stock valued at $9,081,260. Insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

Hedge funds have recently modified their holdings of the stock. Wayfinding Financial LLC purchased a new stake in shares of 3M during the fourth quarter valued at approximately $851,000. Franklin Resources Inc. increased its stake in 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock worth $114,770,000 after buying an additional 178,450 shares during the period. Meyer Handelman Co. increased its stake in 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after buying an additional 2,678 shares during the period. USA Financial Formulas acquired a new position in 3M in the 4th quarter worth $816,000. Finally, Braun Stacey Associates Inc. boosted its position in 3M by 18.4% in the 4th quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock valued at $18,408,000 after buying an additional 22,203 shares during the last quarter. 65.25% of the stock is currently 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.