3M (NYSE:MMM) Receives $104.00 Average PT from Analysts

Shares of 3M (NYSE:MMM) have earned an average recommendation of “Hold” from the ten brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $104.00.

A number of equities analysts recently weighed in on MMM shares. Royal Bank of Canada lowered their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Citigroup boosted their target price on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. cut their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Wells Fargo & Company lowered their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th.

Insider Transactions at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On 3M

Hedge funds and other institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC increased its holdings in 3M by 2.3% in the third quarter. International Assets Investment Management LLC now owns 12,192 shares of the conglomerate’s stock valued at $1,139,000 after buying an additional 271 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of 3M by 10.2% in the 3rd quarter. Vontobel Holding Ltd. now owns 122,045 shares of the conglomerate’s stock valued at $11,426,000 after purchasing an additional 11,302 shares during the last quarter. CWM LLC boosted its position in shares of 3M by 59.3% in the 3rd quarter. CWM LLC now owns 30,016 shares of the conglomerate’s stock valued at $2,810,000 after purchasing an additional 11,176 shares during the period. AE Wealth Management LLC grew its stake in 3M by 10.0% during the 3rd quarter. AE Wealth Management LLC now owns 109,619 shares of the conglomerate’s stock worth $10,263,000 after buying an additional 9,933 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC increased its position in 3M by 119.8% during the third quarter. Wealthcare Advisory Partners LLC now owns 9,497 shares of the conglomerate’s stock worth $889,000 after buying an additional 5,177 shares during the period. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Up 0.4 %

Shares of 3M stock opened at $93.00 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. 3M has a twelve month low of $71.12 and a twelve month high of $95.67. The firm has a market capitalization of $51.46 billion, a PE ratio of -7.36, a P/E/G ratio of 1.63 and a beta of 1.02. The firm’s 50-day moving average price is $95.73 and its 200 day moving average price is $97.43.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period in the previous year, the company posted $2.28 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts predict that 3M will post 8.79 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.49%. 3M’s dividend payout ratio is -47.82%.

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.