JPMorgan Chase & Co. Lowers 3M (NYSE:MMM) Price Target to $140.00

3M (NYSE:MMM) had its price target reduced by JPMorgan Chase & Co. from $165.00 to $140.00 in a report released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the conglomerate’s stock.

Several other equities research analysts have also weighed in on MMM. Bank of America upped their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Saturday, March 22nd. Citigroup increased their target price on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Finally, Barclays boosted their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.13.

3M Stock Down 4.0 %

Shares of MMM stock opened at $132.84 on Tuesday. 3M has a one year low of $90.17 and a one year high of $156.35. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock has a fifty day moving average price of $146.68 and a 200 day moving average price of $138.40. The stock has a market cap of $71.64 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period last year, the firm earned $2.42 EPS. Analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is 38.68%.

Insider Buying and Selling

In other news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The stock was 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 of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now directly owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last three months. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 3M

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. Financial Life Planners acquired a new position in 3M during the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new position in shares of 3M during the 4th quarter worth approximately $26,000. REAP Financial Group LLC increased its holdings in shares of 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. acquired a new stake in 3M during the 4th quarter valued at $27,000. Finally, Pinney & Scofield Inc. bought a new position in 3M during the fourth quarter worth $28,000. Institutional investors own 65.25% of the company’s stock.

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.