3M (NYSE:MMM) Receives $144.87 Average Price Target from Analysts

3M (NYSE:MMM) has received a consensus recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $144.87.

Several research firms recently commented on MMM. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Bank of America boosted their price target on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Barclays increased their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company lifted their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd.

3M Price Performance

MMM opened at $130.18 on Wednesday. The firm has a market capitalization of $70.89 billion, a P/E ratio of 16.44, a PEG ratio of 2.15 and a beta of 0.95. The stock has a fifty day moving average of $130.10 and a 200-day moving average of $124.26. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business earned $2.68 EPS. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. Equities analysts forecast that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.15%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Institutional Investors Weigh In On 3M

A number of hedge funds have recently bought and sold shares of the company. FSA Wealth Management LLC bought a new stake in 3M during the 3rd quarter valued at approximately $27,000. McClarren Financial Advisors Inc. lifted its holdings in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of 3M by 689.7% in the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 269 shares during the period. True Wealth Design LLC grew its stake in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 296 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in 3M during the third quarter worth $57,000. 65.25% of the stock is currently 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.