3M (NYSE:MMM) Price Target Raised to $170.00 at Barclays

3M (NYSE:MMM) had its price target hoisted by Barclays from $164.00 to $170.00 in a research report released on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the conglomerate’s stock.

A number of other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. increased their target price on 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Friday, June 27th. Citigroup raised their target price on 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research report on Friday, May 30th. Royal Bank Of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a report on Wednesday, April 23rd. Finally, Wells Fargo & Company lifted their price objective on 3M from $150.00 to $170.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $156.33.

3M Trading Up 0.1%

MMM stock opened at $156.16 on Wednesday. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. The company has a fifty day moving average price of $147.56 and a two-hundred day moving average price of $144.12. 3M has a one year low of $100.87 and a one year high of $156.65. The stock has a market cap of $84.04 billion, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 3.00 and a beta of 1.02.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping the consensus estimate of $1.77 by $0.11. The firm had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. Equities analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.87%. 3M’s dividend payout ratio (DPR) is 36.87%.

Insiders Place Their Bets

In other news, EVP John Patrick Banovetz sold 7,759 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president directly owned 31,372 shares of the company’s stock, valued at $4,654,663.64. This represents a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. The trade was a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several institutional investors have recently added to or reduced their stakes in MMM. Caitong International Asset Management Co. Ltd bought a new stake in shares of 3M during the 1st quarter worth approximately $28,000. WPG Advisers LLC purchased a new position in 3M during the 1st quarter worth $28,000. REAP Financial Group LLC increased its holdings in 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 purchasing an additional 94 shares during the period. Curat Global LLC purchased a new position in 3M during the 1st quarter worth $29,000. Finally, Saudi Central Bank purchased a new position in 3M during the 1st quarter worth $31,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.