3M (NYSE:MMM) Price Target Raised to $170.00

3M (NYSE:MMM - Free Report) had its price target raised by Barclays from $164.00 to $170.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the conglomerate's stock.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Friday, June 27th. Citigroup lifted their price objective on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. JPMorgan Chase & Co. lifted their price objective on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Royal Bank Of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company boosted their price target on 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M has an average rating of "Moderate Buy" and an average target price of $156.33.

3M Stock Performance

Shares of MMM traded up $2.32 during midday trading on Wednesday, reaching $156.06. 2,807,830 shares of the stock were exchanged, compared to its average volume of 3,811,818. The business's 50-day moving average price is $147.22 and its 200 day moving average price is $144.04. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M has a twelve month low of $98.26 and a twelve month high of $156.61. The company has a market capitalization of $83.99 billion, a price-to-earnings ratio of 19.70, a PEG ratio of 3.00 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The business had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. On average, sell-side analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.87%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Insider Buying and Selling at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president owned 31,372 shares of the company's stock, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Institutional Trading of 3M

Several large investors have recently added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC increased its holdings in 3M by 54.5% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 530 shares of the conglomerate's stock valued at $81,000 after purchasing an additional 187 shares in the last quarter. Fiduciary Alliance LLC increased its holdings in 3M by 9.3% in the 2nd quarter. Fiduciary Alliance LLC now owns 4,127 shares of the conglomerate's stock valued at $628,000 after purchasing an additional 351 shares in the last quarter. Parallel Advisors LLC boosted its position in 3M by 10.6% in the 2nd quarter. Parallel Advisors LLC now owns 12,270 shares of the conglomerate's stock valued at $1,868,000 after buying an additional 1,171 shares during the last quarter. Neville Rodie & Shaw Inc. boosted its position in 3M by 15.9% in the 2nd quarter. Neville Rodie & Shaw Inc. now owns 23,860 shares of the conglomerate's stock valued at $3,632,000 after buying an additional 3,268 shares during the last quarter. Finally, Howe & Rusling Inc. boosted its position in 3M by 6.5% in the 1st quarter. Howe & Rusling Inc. now owns 6,349 shares of the conglomerate's stock valued at $932,000 after buying an additional 385 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Company Profile

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.