3M (NYSE:MMM) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

3M (NYSE:MMM) had its price objective hoisted by research analysts at Wells Fargo & Company from $176.00 to $183.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the conglomerate’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 6.68% from the company’s current price.

Several other research analysts have also weighed in on MMM. Deutsche Bank Aktiengesellschaft upped their price objective on shares of 3M from $177.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Citigroup upped their price objective on shares of 3M from $160.00 to $169.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Royal Bank Of Canada upped their price objective on shares of 3M from $120.00 to $130.00 and gave the company an “underperform” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price target on shares of 3M from $175.00 to $178.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of 3M in a research note on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $172.67.

3M Stock Up 2.6%

3M stock opened at $171.54 on Wednesday. The firm has a market cap of $91.13 billion, a PE ratio of 27.40, a P/E/G ratio of 2.74 and a beta of 1.05. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.20 and a current ratio of 1.84. The firm’s 50 day moving average price is $155.61 and its two-hundred day moving average price is $149.61. 3M has a twelve month low of $121.98 and a twelve month high of $171.63.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. The firm had revenue of $8.38 billion for the quarter. 3M had a net margin of 13.70% and a return on equity of 98.47%. On average, research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling at 3M

In related news, CAO Theresa E. Reinseth sold 3,477 shares of the firm’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares in the company, valued at approximately $385,763.43. This trade represents a 57.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the firm’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares in the company, valued at $435,522. The trade was a 68.01% 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nippon Life Global Investors Americas Inc. grew its stake in 3M by 1.8% in the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate’s stock valued at $63,128,000 after buying an additional 7,620 shares during the last quarter. Financial Gravity Asset Management Inc. acquired a new position in 3M in the 1st quarter valued at $2,506,000. Independent Solutions Wealth Management LLC grew its stake in 3M by 372.2% in the 1st quarter. Independent Solutions Wealth Management LLC now owns 7,833 shares of the conglomerate’s stock valued at $1,150,000 after buying an additional 6,174 shares during the last quarter. MFG Wealth Management Inc. acquired a new position in 3M in the 1st quarter valued at $1,059,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in 3M by 0.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,689,348 shares of the conglomerate’s stock valued at $248,098,000 after purchasing an additional 9,064 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.