3M (NYSE:MMM) Given New $160.00 Price Target at Citigroup

3M (NYSE:MMM - Get Free Report) had its target price hoisted by research analysts at Citigroup from $141.00 to $160.00 in a report released on Friday,Benzinga reports. The firm currently has a "neutral" rating on the conglomerate's stock. Citigroup's price objective suggests a potential upside of 7.96% from the stock's current price.

MMM has been the topic of a number of other research reports. Barclays lifted their target price on shares of 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Saturday, May 24th. Royal Bank of Canada increased their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. lifted their target price on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Two 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $153.46.

3M Stock Performance

NYSE:MMM traded down $1.43 during mid-day trading on Friday, hitting $148.20. 5,339,771 shares of the company traded hands, compared to its average volume of 3,893,398. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock's fifty day moving average price is $141.33 and its 200-day moving average price is $140.81. The firm has a market cap of $79.76 billion, a price-to-earnings ratio of 19.63, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. 3M has a one year low of $97.68 and a one year high of $156.35.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data 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. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. Research analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

Insider Activity at 3M

In other news, EVP Zoe L. Dickson sold 7,915 shares of the firm'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 completion of the sale, the executive vice president now directly owns 6,127 shares of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 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 insiders.

Hedge Funds Weigh In On 3M

Large investors have recently made changes to their positions in the company. Norges Bank purchased a new position in shares of 3M during the fourth quarter valued at approximately $636,767,000. Nuveen LLC purchased a new position in 3M during the 1st quarter valued at $235,020,000. Invesco Ltd. boosted its holdings in 3M by 51.6% during the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock valued at $576,845,000 after acquiring an additional 1,520,619 shares during the period. D1 Capital Partners L.P. bought a new position in 3M in the 4th quarter valued at $175,110,000. Finally, Capital World Investors increased its stake in 3M by 25.4% in the fourth 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 period. 65.25% of the stock is owned by hedge funds and other institutional investors.

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.