Shares of 3M Company (NYSE:MMM - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday after Barclays raised their price target on the stock from $164.00 to $170.00. Barclays currently has an overweight rating on the stock. 3M traded as high as $156.65 and last traded at $155.97, with a volume of 1416387 shares changing hands. The stock had previously closed at $153.74.
A number of other research analysts have also recently weighed in on MMM. Royal Bank Of Canada lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a research report on Friday, May 30th. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research note on Friday, June 27th. JPMorgan Chase & Co. increased 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. Finally, Wells Fargo & Company raised their price target on 3M from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Two 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $156.33.
Read Our Latest Stock Analysis on MMM
Insider Activity at 3M
In related news, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were 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 owned 31,372 shares in the company, valued at $4,654,663.64. This trade represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president directly owned 6,127 shares in the company, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.
Institutional Investors Weigh In On 3M
Large investors have recently bought and sold shares of the stock. LaSalle St. Investment Advisors LLC lifted its holdings in shares of 3M by 2.5% during the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock worth $381,000 after acquiring an additional 71 shares during the period. TCV Trust & Wealth Management Inc. increased its position in 3M by 1.1% during the first quarter. TCV Trust & Wealth Management Inc. now owns 6,497 shares of the conglomerate's stock worth $954,000 after purchasing an additional 73 shares during the last quarter. Cahaba Wealth Management Inc. raised its stake in 3M by 1.4% during the first quarter. Cahaba Wealth Management Inc. now owns 5,580 shares of the conglomerate's stock worth $819,000 after purchasing an additional 75 shares during the period. Altman Advisors Inc. boosted its holdings in shares of 3M by 0.5% in the 1st quarter. Altman Advisors Inc. now owns 16,690 shares of the conglomerate's stock valued at $2,318,000 after purchasing an additional 76 shares during the last quarter. Finally, NBT Bank N A NY grew its stake in shares of 3M by 0.8% during the 1st quarter. NBT Bank N A NY now owns 9,744 shares of the conglomerate's stock valued at $1,431,000 after buying an additional 79 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.
3M Trading Down 1.0%
The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.25 and a current ratio of 1.66. The firm has a market capitalization of $83.81 billion, a price-to-earnings ratio of 19.66, a P/E/G ratio of 3.07 and a beta of 1.02. The business has a fifty day moving average price of $148.22 and a 200 day moving average price of $144.49.
3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. As a group, equities analysts forecast that 3M Company will post 7.8 earnings per share for the current year.
3M Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.88%. 3M's payout ratio is 36.87%.
About 3M
(
Get Free Report)
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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