3M (NYSE:MMM) Price Target Raised to $160.00

3M (NYSE:MMM) had its price objective lifted by stock analysts at Bank of America from $143.00 to $160.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the conglomerate’s stock. Bank of America‘s price target suggests a potential upside of 26.54% from the stock’s previous close.

A number of other research firms have also recently weighed in on MMM. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Royal Bank of Canada lifted their price objective on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Barclays boosted their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Morgan Stanley initiated coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $135.67.

3M Trading Down 1.1 %

MMM opened at $126.44 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a 52 week low of $72.47 and a 52 week high of $141.34. The business’s 50 day moving average is $133.07 and its two-hundred day moving average is $113.57. The firm has a market cap of $69.97 billion, a price-to-earnings ratio of -9.94, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the company posted $2.68 EPS. The company’s quarterly revenue was down 24.3% on a year-over-year basis. On average, research analysts predict that 3M will post 7.24 EPS for the current year.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Global Assets Advisory LLC purchased a new position in shares of 3M during the 1st quarter worth $1,480,000. Wealthcare Advisory Partners LLC grew its holdings in 3M by 20.7% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 15,988 shares of the conglomerate’s stock valued at $1,696,000 after buying an additional 2,741 shares during the period. Buckley Wealth Management LLC increased its stake in shares of 3M by 36.7% during the 1st quarter. Buckley Wealth Management LLC now owns 29,889 shares of the conglomerate’s stock valued at $3,170,000 after acquiring an additional 8,020 shares during the last quarter. Hennessy Advisors Inc. lifted its holdings in shares of 3M by 60.4% during the 1st quarter. Hennessy Advisors Inc. now owns 66,400 shares of the conglomerate’s stock worth $7,043,000 after acquiring an additional 25,000 shares during the period. Finally, Fifth Third Wealth Advisors LLC boosted its position in shares of 3M by 17.5% in the first quarter. Fifth Third Wealth Advisors LLC now owns 4,243 shares of the conglomerate’s stock worth $450,000 after acquiring an additional 631 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other 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.