3M (NYSE:MMM) Stock Price Expected to Rise, Barclays Analyst Says

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.

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

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.