3M (NYSE:MMM) Price Target Raised to $160.00 at Bank of America

3M (NYSE:MMM) had its price target increased by Bank of America from $143.00 to $160.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a buy rating on the conglomerate’s stock.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Barclays raised their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Finally, Mizuho raised their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $135.67.

3M Stock Performance

Shares of MMM opened at $127.91 on Wednesday. The company’s fifty day moving average is $133.07 and its 200-day moving average is $113.57. 3M has a 12 month low of $72.47 and a 12 month high of $141.34. The firm has a market cap of $70.78 billion, a price-to-earnings ratio of -10.06, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the business posted $2.68 EPS. 3M’s revenue was down 24.3% compared to the same quarter last year. Equities analysts expect that 3M will post 7.24 EPS for the current fiscal year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is -22.01%.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On 3M

Institutional investors have recently added to or reduced their stakes in the company. Tributary Capital Management LLC bought a new position in 3M during the 1st quarter valued at about $25,000. MFA Wealth Advisors LLC bought a new position in 3M during the 2nd quarter valued at about $28,000. Daymark Wealth Partners LLC raised its stake in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. raised its stake in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the last quarter. 65.25% of the stock is owned by 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.