3M (NYSE:MMM) Upgraded by JPMorgan Chase & Co. to "Overweight" Rating

Key Points

• JPMorgan Chase & Co. upgraded 3M from Neutral to Overweight and raised its price target to $180 from $178, implying about 11.33% upside from the current price.
• Analyst opinion on 3M remains mixed overall: the stock now has a consensus Hold rating with an average price target of $169.43, even though several firms have recently issued Buy or Overweight calls.
• 3M also reported better-than-expected quarterly earnings of $2.14 EPS versus $1.98 expected, while revenue came in slightly below estimates at $6 billion; the company kept its full-year earnings guidance at 8.50 to 8.70 EPS.

3M (NYSE:MMM - Get Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research note issued to investors on Friday,Benzinga reports. The firm currently has a $180.00 price target on the conglomerate's stock, up from their prior price target of $178.00. JPMorgan Chase & Co.'s price target suggests a potential upside of 11.33% from the company's current price.

MMM has been the subject of a number of other reports. Sanford C. Bernstein assumed coverage on 3M in a research report on Tuesday, June 9th. They issued an "underperform" rating and a $131.00 price target for the company. HSBC raised their price objective on shares of 3M from $175.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Barclays reduced their target price on shares of 3M from $190.00 to $185.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. Wolfe Research restated an "outperform" rating on shares of 3M in a research note on Thursday, July 9th. Finally, Jefferies Financial Group boosted their price target on shares of 3M from $170.00 to $175.00 and gave the company a "hold" rating in a research report on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, 3M presently has a consensus rating of "Hold" and an average target price of $169.43.

3M Trading Up 0.7%

NYSE MMM opened at $161.68 on Friday. 3M has a 12-month low of $139.34 and a 12-month high of $177.41. The stock has a market cap of $84.33 billion, a P/E ratio of 31.15, a P/E/G ratio of 2.26 and a beta of 1.02. The company has a current ratio of 1.59, a quick ratio of 1.19 and a debt-to-equity ratio of 3.29. The company has a fifty day simple moving average of $155.77 and a two-hundred day simple moving average of $156.12.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 21st. The conglomerate reported $2.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.16. 3M had a net margin of 11.14% and a return on equity of 104.75%. The firm had revenue of $6 billion during the quarter, compared to analysts' expectations of $6.04 billion. During the same quarter last year, the company posted $1.88 earnings per share. The firm's revenue was up 1.3% compared to the same quarter last year. 3M has set its FY 2026 guidance at 8.500-8.700 EPS. On average, analysts forecast that 3M will post 8.74 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Commonwealth Retirement Investments LLC purchased a new stake in shares of 3M in the fourth quarter valued at $28,000. EQ Wealth Advisors LLC purchased a new stake in 3M during the fourth quarter valued at about $40,000. Cornerstone Planning Group LLC raised its holdings in 3M by 32.1% in the first quarter. Cornerstone Planning Group LLC now owns 292 shares of the conglomerate's stock valued at $42,000 after buying an additional 71 shares during the period. Sfam LLC acquired a new stake in shares of 3M in the fourth quarter valued at about $45,000. Finally, WFA of San Diego LLC purchased a new position in 3M in the 2nd quarter valued at about $61,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

About 3M

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M's businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).

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