Brokerages Set 3M (NYSE:MMM) Target Price at $124.43

3M (NYSE:MMM) has earned an average recommendation of “Hold” from the fourteen ratings firms that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $124.43.

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Royal Bank of Canada boosted their target price on 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a report on Monday, July 29th. Citigroup raised their price target on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Finally, Bank of America upped their price objective on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a report on Monday, July 29th.

3M Stock Performance

MMM opened at $134.76 on Monday. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The business’s 50-day simple moving average is $124.63 and its 200 day simple moving average is $107.80. The firm has a market capitalization of $74.57 billion, a PE ratio of -10.59, a PEG ratio of 2.41 and a beta of 0.95. 3M has a 52-week low of $71.12 and a 52-week high of $135.32.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the prior year, the firm posted $2.17 EPS. As a group, sell-side analysts expect that 3M will post 7.22 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on 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 sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

Institutional investors and hedge funds have recently modified their holdings of the business. Gilbert & Cook Inc. acquired a new stake in shares of 3M in the 4th quarter valued at approximately $481,000. Aveo Capital Partners LLC bought a new stake in shares of 3M during the fourth quarter worth $219,000. Level Four Advisory Services LLC increased its holdings in shares of 3M by 19.9% during the fourth quarter. Level Four Advisory Services LLC now owns 7,811 shares of the conglomerate’s stock worth $854,000 after buying an additional 1,299 shares in the last quarter. Main Street Financial Solutions LLC lifted its stake in shares of 3M by 9.0% in the 4th quarter. Main Street Financial Solutions LLC now owns 4,947 shares of the conglomerate’s stock valued at $541,000 after acquiring an additional 407 shares during the last quarter. Finally, ING Groep NV boosted its holdings in shares of 3M by 9.1% during the 4th quarter. ING Groep NV now owns 75,614 shares of the conglomerate’s stock valued at $8,266,000 after acquiring an additional 6,316 shares in the last quarter. 65.25% of the stock is currently 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.