Barclays Has Lowered Expectations for 3M (NYSE:MMM) Stock Price

3M (NYSE:MMM) had its target price dropped by equities research analysts at Barclays from $165.00 to $161.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the conglomerate’s stock. Barclays‘s price objective suggests a potential upside of 19.85% from the company’s current price.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company lifted their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price target on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and an average target price of $144.33.

3M Stock Up 1.2 %

Shares of NYSE MMM opened at $134.34 on Wednesday. The stock has a market capitalization of $73.16 billion, a P/E ratio of 16.96, a PEG ratio of 2.15 and a beta of 0.95. The stock’s fifty day moving average is $130.44 and its 200 day moving average is $126.11. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MMM. CVA Family Office LLC raised its stake in 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after buying an additional 79 shares during the last quarter. Harbour Investments Inc. grew its holdings in 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after acquiring an additional 81 shares during the period. KMG Fiduciary Partners LLC lifted its stake in shares of 3M by 0.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after purchasing an additional 84 shares during the period. TCV Trust & Wealth Management Inc. boosted its position in shares of 3M by 1.3% during the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares in the last quarter. Finally, Weatherly Asset Management L. P. grew its stake in 3M by 3.3% during the third quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock worth $373,000 after purchasing an additional 86 shares during the period. 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.