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

3M (NYSE:MMM - Get Free Report) had its price objective hoisted by equities researchers at Citigroup from $141.00 to $160.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the conglomerate's stock. Citigroup's price target would suggest a potential upside of 7.91% from the stock's current price.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of 3M from $140.00 to $167.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Royal Bank of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Barclays increased their target price on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, May 24th. Finally, Bank of America raised their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, 3M currently has a consensus rating of "Moderate Buy" and an average price target of $153.46.

3M Stock Up 1.3%

Shares of MMM traded up $1.87 during trading hours on Friday, hitting $148.27. 2,343,235 shares of the company were exchanged, compared to its average volume of 3,882,967. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market cap of $79.80 billion, a PE ratio of 19.64, a PEG ratio of 3.30 and a beta of 1.02. The firm's 50 day moving average is $141.20 and its 200-day moving average is $140.92. 3M has a 52 week low of $97.68 and a 52 week high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion during the quarter, compared to analysts' expectations of $5.78 billion. On average, equities research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president now owns 6,127 shares of the company's stock, valued at approximately $913,045.54. This represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the sale, the executive vice president now owns 31,372 shares of the company's stock, valued at $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Company 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 added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new position in shares of 3M in the 4th quarter worth approximately $851,000. Ensign Peak Advisors Inc boosted its stake in 3M by 29.2% in the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock worth $82,921,000 after purchasing an additional 145,146 shares in the last quarter. Braun Stacey Associates Inc. grew its holdings in shares of 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock worth $18,408,000 after purchasing an additional 22,203 shares during the last quarter. U.S. Capital Wealth Advisors LLC increased its stake in shares of 3M by 1,615.9% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 122,240 shares of the conglomerate's stock valued at $15,780,000 after buying an additional 115,116 shares in the last quarter. Finally, Asahi Life Asset Management CO. LTD. raised its holdings in shares of 3M by 34.0% in the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 12,516 shares of the conglomerate's stock valued at $1,616,000 after buying an additional 3,173 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.