3M (NYSE:MMM) Stock Gets Price Target Boost from JPMorgan Chase & Co.

Key Points

• JPMorgan raised its 3M price target to $210 from $191 and maintained an “overweight” rating, implying about 8% upside from the stock’s current price.
• 3M shares rose 9.8% to $194.48, near their 52-week high. The broader analyst consensus remains “Hold,” with an average target of $187.57.
• In its latest quarter, 3M reported adjusted earnings of $2.50 per share, beating estimates of $2.38; revenue of $6.60 billion came in slightly below expectations.

3M (NYSE:MMM - Get Free Report) had its price objective lifted by analysts at JPMorgan Chase & Co. from $191.00 to $210.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the conglomerate's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 7.98% from the stock's current price.

Several other equities analysts also recently commented on the company. Jefferies Financial Group restated a "hold" rating and set a $186.00 target price on shares of 3M in a research report on Wednesday, October 21st. Weiss Ratings raised shares of 3M from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 23rd. Raymond James Financial restated a "market perform" rating on shares of 3M in a research report on Wednesday, October 21st. Mizuho lifted their price objective on 3M from $160.00 to $180.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. Finally, The Goldman Sachs Group restated a "buy" rating on shares of 3M in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, 3M has a consensus rating of "Hold" and a consensus price target of $187.57.

3M Stock Up 9.8%

Shares of NYSE MMM traded up $17.43 during mid-day trading on Wednesday, reaching $194.48. 5,489,151 shares of the company traded hands, compared to its average volume of 3,695,309. The company's fifty day moving average is $168.40 and its two-hundred day moving average is $161.43. The company has a debt-to-equity ratio of 3.01, a quick ratio of 1.06 and a current ratio of 1.41. 3M has a fifty-two week low of $139.34 and a fifty-two week high of $194.77. The stock has a market cap of $100.49 billion, a PE ratio of 28.97, a price-to-earnings-growth ratio of 2.32 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping analysts' consensus estimates of $2.38 by $0.12. The business had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. The firm's revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.19 earnings per share. On average, analysts expect that 3M will post 9.14 earnings per share for the current year.

Institutional Investors Weigh In On 3M

A number of large investors have recently added to or reduced their stakes in the stock. DecisionPoint Financial LLC raised its position in shares of 3M by 2,387.5% during the 3rd quarter. DecisionPoint Financial LLC now owns 199 shares of the conglomerate's stock worth $32,000 after purchasing an additional 191 shares during the last quarter. Security National Bank of SO Dak purchased a new position in 3M during the second quarter worth $32,000. Trellis Wealth Advisors LLC purchased a new position in 3M during the third quarter worth $33,000. Latitude Advisors LLC acquired a new position in shares of 3M in the third quarter worth $34,000. Finally, Compass Financial Management LLC acquired a new position in shares of 3M in the second quarter worth $38,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.

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