3M (NYSE:MMM - Free Report) had its target price hoisted by Barclays from $164.00 to $170.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the conglomerate's stock.
MMM has been the topic of several other research reports. JPMorgan Chase & Co. upped their price objective on 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Royal Bank Of Canada upped their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. Wells Fargo & Company upped their price objective on 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Citigroup increased 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. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $156.33.
Get Our Latest Research Report on 3M
3M Stock Down 1.4%
Shares of MMM traded down $2.24 during mid-day trading on Wednesday, hitting $155.08. 574,799 shares of the company traded hands, compared to its average volume of 3,797,444. The business has a 50 day moving average of $147.95 and a 200 day moving average of $144.32. The company has a market capitalization of $83.46 billion, a PE ratio of 19.58, a price-to-earnings-growth ratio of 3.05 and a beta of 1.02. 3M has a 1-year low of $100.87 and a 1-year high of $159.47. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 2.72.
3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, beating 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 firm had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. Equities research analysts anticipate that 3M will post 7.8 EPS for the current year.
3M Dividend Announcement
The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.88%. 3M's payout ratio is currently 36.87%.
Insiders Place Their Bets
In other news, EVP Zoe L. Dickson sold 7,915 shares of 3M 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 transaction, the executive vice president owned 6,127 shares in the company, valued at $913,045.54. The trade was a 56.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M 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 transaction, the executive vice president owned 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of 3M during the 4th quarter worth about $636,767,000. Nuveen LLC acquired a new stake in shares of 3M during the 1st quarter worth about $235,020,000. Invesco Ltd. increased its position in shares of 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after purchasing an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. acquired a new stake in shares of 3M during the 4th quarter worth about $175,110,000. Finally, Capital World Investors increased its position in shares of 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. 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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