3M (NYSE:MMM) Price Target Raised to $178.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised its price target for 3M from $175.00 to $178.00, indicating a potential upside of 16.69% from the company's previous close.
• Other analysts including Citigroup and Deutsche Bank have also adjusted their price targets, with Deutsche Bank setting a target of $185.00 and maintaining a "buy" rating on 3M's stock.
• Institutional investors hold 65.25% of 3M's stock, with significant increases in holdings reported by firms such as Nippon Life Global Investors and Retirement Systems of Alabama.

3M (NYSE:MMM - Get Free Report) had its price objective boosted by analysts at JPMorgan Chase & Co. from $175.00 to $178.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the conglomerate's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 16.69% from the company's previous close.

A number of other equities analysts have also issued reports on MMM. Citigroup increased their price objective on 3M from $160.00 to $169.00 and gave the stock a "neutral" rating in a report on Thursday, October 9th. Wells Fargo & Company increased their target price on shares of 3M from $170.00 to $176.00 and gave the company an "overweight" rating in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft increased their price target on 3M from $177.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of 3M in a research note on Wednesday, October 8th. Finally, Barclays set a $170.00 target price on 3M in a research note on Friday, July 18th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and an average price target of $166.70.

3M Price Performance

Shares of NYSE MMM opened at $152.54 on Wednesday. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M has a 1-year low of $121.98 and a 1-year high of $164.15. The business's fifty day moving average price is $154.99 and its two-hundred day moving average price is $148.70. The firm has a market capitalization of $81.25 billion, a PE ratio of 21.22, a P/E/G ratio of 2.49 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. 3M had a net margin of 16.01% and a return on equity of 96.48%. The business had revenue of $8.38 billion for the quarter. On average, research analysts expect that 3M will post 7.8 EPS for the current year.

Insider Activity at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of 3M stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total transaction of $523,740.51. Following the completion of the sale, the chief accounting officer owned 2,561 shares of the company's stock, valued at $385,763.43. This trade represents a 57.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the sale, the insider directly owned 2,900 shares of the company's stock, valued at $435,522. This trade represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Institutional Investors Weigh In On 3M

Institutional investors have recently made changes to their positions in the company. Nippon Life Global Investors Americas Inc. lifted its holdings in shares of 3M by 1.8% during the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate's stock valued at $63,128,000 after buying an additional 7,620 shares during the last quarter. Financial Gravity Asset Management Inc. acquired a new stake in 3M in the first quarter valued at approximately $2,506,000. Synergy Asset Management LLC lifted its stake in shares of 3M by 122.7% in the 1st quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after purchasing an additional 2,486 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in shares of 3M in the 1st quarter valued at $786,000. Finally, Retirement Systems of Alabama lifted its stake in shares of 3M by 210.6% in the 1st quarter. Retirement Systems of Alabama now owns 366,236 shares of the conglomerate's stock valued at $53,785,000 after purchasing an additional 248,333 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.

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