Deutsche Bank Aktiengesellschaft Forecasts Strong Price Appreciation for 3M (NYSE:MMM) Stock

Key Points

• Deutsche Bank has raised its price target for 3M (NYSE:MMM) stock from $177.00 to $185.00, indicating a potential upside of 16.76% from its current price and maintaining a "buy" rating.
• 3M recently reported earnings of $2.16 per share, surpassing consensus estimates, with revenue of $6.16 billion for the quarter, reflecting a 1.4% increase compared to the previous year.
• According to MarketBeat, nine analysts have rated 3M stock as a Buy, resulting in a consensus rating of "Moderate Buy" and an average target price of $164.10.

3M (NYSE:MMM - Get Free Report) had its price objective upped by Deutsche Bank Aktiengesellschaft from $177.00 to $185.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The firm currently has a "buy" rating on the conglomerate's stock. Deutsche Bank Aktiengesellschaft's price objective indicates a potential upside of 16.76% from the stock's current price.

A number of other research firms have also issued reports on MMM. Weiss Ratings upgraded 3M from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Saturday, September 27th. JPMorgan Chase & Co. set a $167.00 target price on 3M in a research note on Friday, July 18th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Finally, Barclays set a $170.00 price target on 3M in a research report on Friday, July 18th. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, 3M currently has a consensus rating of "Moderate Buy" and an average price target of $164.10.

3M Stock Down 0.2%

3M stock opened at $158.45 on Thursday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72. 3M has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The stock's fifty day moving average is $154.38 and its two-hundred day moving average is $148.61. The firm has a market capitalization of $84.40 billion, a price-to-earnings ratio of 22.04, a price-to-earnings-growth ratio of 2.88 and a beta of 1.05.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%.The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same period in the prior year, the business posted $1.93 earnings per share. The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. Analysts predict that 3M will post 7.8 EPS for the current fiscal year.

Insider Transactions at 3M

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares of the company's stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total value of $925,859.70. Following the transaction, the insider directly owned 2,900 shares in the company, valued at approximately $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

A number of large investors have recently bought and sold shares of MMM. Invesco Ltd. boosted its position in 3M by 0.7% in the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate's stock valued at $660,695,000 after buying an additional 30,260 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of 3M by 10.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate's stock valued at $616,597,000 after purchasing an additional 414,160 shares during the period. Alliancebernstein L.P. grew its holdings in shares of 3M by 23.1% in the 1st quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate's stock valued at $459,339,000 after acquiring an additional 586,851 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in 3M by 6.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate's stock worth $458,500,000 after purchasing an additional 199,944 shares during the period. Finally, Amundi grew its holdings in 3M by 20.7% during the first quarter. Amundi now owns 3,030,397 shares of the conglomerate's stock worth $423,471,000 after purchasing an additional 519,302 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Company Profile

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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