Citigroup Boosts 3M (NYSE:MMM) Price Target to $100.00

3M (NYSE:MMM) had its target price lifted by Citigroup from $98.00 to $100.00 in a research report sent to investors on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the conglomerate’s stock.

MMM has been the topic of a number of other reports. Wells Fargo & Company lowered their price target on 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a research report on Wednesday, January 24th. Royal Bank of Canada upped their target price on shares of 3M from $78.00 to $87.00 and gave the stock an underperform rating in a report on Wednesday. JPMorgan Chase & Co. raised shares of 3M from a neutral rating to an overweight rating and lifted their price target for the company from $110.00 to $111.00 in a report on Wednesday. Bank of America decreased their price objective on shares of 3M from $110.00 to $100.00 and set a neutral rating on the stock in a research note on Tuesday, April 2nd. Finally, Mizuho reiterated a neutral rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, 3M currently has a consensus rating of Hold and an average target price of $103.70.

3M Trading Up 0.4 %

Shares of MMM stock opened at $97.16 on Wednesday. The firm has a fifty day moving average of $96.05 and a 200-day moving average of $97.54. The stock has a market cap of $53.76 billion, a price-to-earnings ratio of -7.64, a P/E/G ratio of 2.17 and a beta of 1.00. 3M has a 52-week low of $71.12 and a 52-week high of $99.70. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.76 and a current ratio of 1.64.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter last year, the company earned $1.97 earnings per share. On average, equities research analysts forecast that 3M will post 7.05 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.48%.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 3M

A number of institutional investors and hedge funds have recently modified their holdings of the business. Tributary Capital Management LLC acquired a new stake in 3M during the 1st quarter worth $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of 3M during the first quarter worth $32,000. Livelsberger Financial Advisory bought a new stake in 3M in the fourth quarter valued at about $35,000. Finally, CGC Financial Services LLC lifted its stake in 3M by 89.9% in the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares during the period. 65.25% of the stock is owned by institutional investors.

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.