JPMorgan Chase & Co. Lowers 3M (NYSE:MMM) Price Target to $110.00

3M (NYSE:MMM) had its target price decreased by research analysts at JPMorgan Chase & Co. from $118.00 to $110.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 20.24% from the stock’s previous close.

A number of other equities analysts have also recently commented on MMM. Wells Fargo & Company dropped their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Barclays dropped their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. Citigroup lifted their price target on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Finally, Royal Bank of Canada dropped their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and a consensus price target of $104.00.

3M Price Performance

Shares of NYSE:MMM opened at $91.48 on Wednesday. 3M has a 52 week low of $71.12 and a 52 week high of $95.67. The firm has a fifty day simple moving average of $95.77 and a two-hundred day simple moving average of $97.22. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

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

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

Several large investors have recently modified their holdings of the business. Fragasso Group Inc. raised its holdings in shares of 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after purchasing an additional 93 shares in the last quarter. McIlrath & Eck LLC raised its holdings in shares of 3M by 13.3% in the 4th quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock valued at $100,000 after purchasing an additional 98 shares in the last quarter. Orion Portfolio Solutions LLC raised its stake in shares of 3M by 1.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock worth $1,182,000 after acquiring an additional 98 shares in the last quarter. Vestcor Inc raised its stake in shares of 3M by 0.8% during the 4th quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock worth $1,575,000 after acquiring an additional 102 shares in the last quarter. Finally, Bangor Savings Bank raised its stake in shares of 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after acquiring an additional 104 shares in the last quarter. 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.