UBS Group Increases 3M (NYSE:MMM) Price Target to $100.00

3M (NYSE:MMM) had its price objective lifted by UBS Group from $98.00 to $100.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the conglomerate’s stock.

Several other equities analysts also recently weighed in on MMM. Barclays reduced their target price on 3M from $126.00 to $107.00 and set an overweight rating on the stock in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. upgraded 3M from a neutral rating to an overweight rating and increased their target price for the stock from $110.00 to $111.00 in a research report on Wednesday. Royal Bank of Canada reduced their target price on 3M from $84.00 to $78.00 and set an underperform rating on the stock in a research report on Tuesday, April 2nd. Bank of America reduced their target price on 3M from $110.00 to $100.00 and set a neutral rating on the stock in a research report on Tuesday, April 2nd. Finally, Citigroup increased their target price on 3M from $95.31 to $98.00 and gave the stock a neutral rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $103.70.

3M Price Performance

Shares of NYSE:MMM opened at $97.15 on Wednesday. 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 has a 52-week low of $71.12 and a 52-week high of $99.70. The stock’s fifty day simple moving average is $96.14 and its 200-day simple moving average is $97.59.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same period in the prior year, the business earned $1.97 earnings per share. On average, research analysts predict that 3M will post 7.23 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.51 per share. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.48%.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred 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 sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 3M

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Disciplined Equity Management Inc. boosted its holdings in 3M by 8.0% in the first quarter. Disciplined Equity Management Inc. now owns 16,268 shares of the conglomerate’s stock valued at $1,726,000 after purchasing an additional 1,210 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after purchasing an additional 105 shares in the last quarter. Southern Capital Advisors LLC acquired a new stake in shares of 3M during the first quarter worth approximately $240,000. Mediolanum International Funds Ltd bought a new stake in shares of 3M in the first quarter worth $8,358,000. Finally, Larson Financial Group LLC raised its holdings in 3M by 4.0% in the first quarter. Larson Financial Group LLC now owns 19,407 shares of the conglomerate’s stock valued at $2,059,000 after acquiring an additional 742 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

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.