Sanford C. Bernstein raised their price objective on shares of 3M (NYSE:MMM) from $127.00 to $136.00 in a research note issued on Wednesday, American Banking & Market News reports. The firm currently has a “market perform” rating on the stock. Sanford C. Bernstein’s price target would indicate a potential upside of 5.28% from the company’s current price.
In other 3M news, VP Christopher Holmes sold 7,005 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $129.69, for a total transaction of $908,478.45. Following the completion of the sale, the vice president now directly owns 5,112 shares of the company’s stock, valued at approximately $662,975. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
3M (NYSE:MMM) traded down 0.67% during mid-day trading on Wednesday, hitting $129.18. The stock had a trading volume of 2,691,794 shares. 3M has a 1-year low of $88.66 and a 1-year high of $130.78. The stock’s 50-day moving average is $123.9 and its 200-day moving average is $116.5. The company has a market cap of $86.973 billion and a price-to-earnings ratio of 19.98. 3M also was the target of some unusual options trading activity on Tuesday. Traders bought 25,598 call options on the stock. This is an increase of 437% compared to the average daily volume of 4,771 call options.
3M (NYSE:MMM) last issued its quarterly earnings data on Thursday, October 24th. The company reported $1.78 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.75 by $0.03. The company had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.85 billion. During the same quarter in the previous year, the company posted $1.65 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, analysts predict that 3M will post $6.71 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, December 12th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.64 per share. This represents a $2.54 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Wednesday, November 20th.
A number of other analysts have also recently weighed in on MMM. Analysts at Credit Suisse raised their price target on shares of 3M from $120.00 to $128.00 in a research note to investors on Monday, October 28th. They now have a “neutral” rating on the stock. Separately, analysts at Nomura raised their price target on shares of 3M from $120.00 to $128.00 in a research note to investors on Friday, October 25th. They now have a “neutral” rating on the stock. Finally, analysts at Morgan Stanley raised their price target on shares of 3M from $121.00 to $123.00 in a research note to investors on Friday, October 25th. They now have an “equal weight” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $124.67.
3M Company (NYSE:MMM) is a diversified technology company with a presence in the industrial and transportation; health care; consumer and office; safety, security and protection services; display and graphics, and electro and communications businesses.
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