3M (NYSE:MMM) Price Target Raised to $100.00

3M (NYSE:MMM - Get Free Report) had its price objective hoisted by research analysts at Royal Bank of Canada from $98.00 to $100.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "underperform" rating on the conglomerate's stock. Royal Bank of Canada's target price indicates a potential downside of 27.17% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Bank of America upped their price objective on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a report on Thursday, March 6th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Tuesday, April 8th. Barclays upped their price target on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $147.00.

3M Price Performance

MMM stock traded down $1.58 during midday trading on Wednesday, reaching $137.30. 2,141,243 shares of the company's stock traded hands, compared to its average volume of 4,175,835. The company has a 50-day simple moving average of $143.15 and a two-hundred day simple moving average of $138.23. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 1-year low of $91.56 and a 1-year high of $156.35. The company has a market cap of $73.89 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, analysts anticipate that 3M will post 7.8 earnings per share for the current year.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the completion of the sale, the chairman now directly owns 180,895 shares in the company, valued at $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,736 shares of company stock worth $9,081,260. Company insiders own 0.34% of the company's stock.

Institutional Trading of 3M

A number of large investors have recently bought and sold shares of MMM. Mather Group LLC. lifted its stake in 3M by 930.2% in the first quarter. Mather Group LLC. now owns 12,743 shares of the conglomerate's stock valued at $1,871,000 after buying an additional 11,506 shares in the last quarter. Alta Advisers Ltd raised its holdings in shares of 3M by 43.9% during the first quarter. Alta Advisers Ltd now owns 2,622 shares of the conglomerate's stock worth $385,000 after acquiring an additional 800 shares during the period. Deseret Mutual Benefit Administrators lifted its position in 3M by 5.2% in the 1st quarter. Deseret Mutual Benefit Administrators now owns 9,967 shares of the conglomerate's stock valued at $1,464,000 after acquiring an additional 492 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in 3M in the 1st quarter worth $52,000. Finally, Beaton Management Co. Inc. increased its holdings in 3M by 0.9% during the 1st quarter. Beaton Management Co. Inc. now owns 10,925 shares of the conglomerate's stock worth $1,604,000 after purchasing an additional 100 shares in the last quarter. 65.25% of the stock is owned by 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.