3M (NYSE:MMM) Price Target Increased to $98.00 by Analysts at Citigroup

3M (NYSE:MMM - Free Report) had its price target boosted by Citigroup from $95.31 to $98.00 in a research note released on Monday, Benzinga reports. Citigroup currently has a neutral rating on the conglomerate's stock.

Several other analysts have also issued reports on the stock. Wells Fargo & Company dropped their target price on shares of 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a research report on Wednesday, January 24th. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a neutral rating on the stock in a research note on Tuesday, April 2nd. Barclays decreased their price target on shares of 3M from $126.00 to $107.00 and set an overweight rating on the stock in a research note on Tuesday, April 2nd. Mizuho reissued a neutral rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Finally, StockNews.com began coverage on shares of 3M in a research note on Thursday. They issued a buy rating on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $103.50.

3M Stock Performance

MMM stock traded up $0.91 during midday trading on Monday, hitting $91.94. 3,706,363 shares of the stock traded hands, compared to its average volume of 6,192,586. The stock's fifty day simple moving average is $96.17 and its 200-day simple moving average is $97.40. 3M has a 1-year low of $71.12 and a 1-year high of $95.67. The firm has a market cap of $50.88 billion, a P/E ratio of -7.28, a PEG ratio of 1.58 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter last year, the business earned $2.28 earnings per share. The company's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts expect that 3M will post 8.97 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is an increase from 3M's previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.57%. 3M's payout ratio is -47.82%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company's stock, valued at $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by insiders.

Institutional Investors Weigh In On 3M

A number of institutional investors have recently made changes to their positions in MMM. Financial Freedom LLC acquired a new stake in shares of 3M during the fourth quarter valued at about $25,000. DHJJ Financial Advisors Ltd. acquired a new stake in shares of 3M during the third quarter valued at about $28,000. Briaud Financial Planning Inc acquired a new position in shares of 3M in the third quarter valued at approximately $35,000. Livelsberger Financial Advisory acquired a new position in shares of 3M in the fourth quarter valued at approximately $35,000. Finally, Authentikos Wealth Advisory LLC acquired a new position in shares of 3M in the third quarter valued at approximately $37,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.