3M (NYSE:MMM - Free Report) had its price objective boosted by Barclays from $164.00 to $170.00 in a report issued on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the conglomerate's stock.
A number of other analysts also recently weighed in on MMM. Royal Bank Of Canada increased 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. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Friday, June 27th. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. raised their target price on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company lifted their price target on 3M from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $156.33.
View Our Latest Stock Analysis on MMM
3M Stock Up 0.9%
Shares of NYSE:MMM traded up $1.34 during midday trading on Wednesday, reaching $157.32. The company had a trading volume of 3,566,656 shares, compared to its average volume of 3,810,892. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72. The business's 50 day moving average price is $147.56 and its 200 day moving average price is $144.12. The stock has a market cap of $84.66 billion, a PE ratio of 19.86, a P/E/G ratio of 3.00 and a beta of 1.02. 3M has a 1-year low of $98.26 and a 1-year high of $159.42.
3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $5.78 billion. Research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.
3M Announces Dividend
The business also recently announced 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 1.86%. 3M's dividend payout ratio (DPR) is 36.87%.
Insiders Place Their Bets
In related news, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred 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 sale, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.
Hedge Funds Weigh In On 3M
A number of institutional investors and hedge funds have recently modified their holdings of MMM. LaSalle St. Investment Advisors LLC raised its position in 3M by 2.5% during the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock valued at $381,000 after purchasing an additional 71 shares in the last quarter. TCV Trust & Wealth Management Inc. lifted its position in shares of 3M by 1.1% in the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock valued at $954,000 after acquiring an additional 73 shares in the last quarter. Cahaba Wealth Management Inc. increased its holdings in shares of 3M by 1.4% in the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock valued at $819,000 after purchasing an additional 75 shares during the last quarter. Altman Advisors Inc. increased its stake in 3M by 0.5% during the first quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock worth $2,318,000 after acquiring an additional 76 shares during the last quarter. Finally, NBT Bank N A NY boosted its holdings in 3M by 0.8% in the first quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock valued at $1,431,000 after purchasing an additional 79 shares during the period. Hedge funds and other institutional investors own 65.25% of the company's stock.
About 3M
(
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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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