Barclays Increases 3M (NYSE:MMM) Price Target to $145.00

3M (NYSE:MMM) had its price objective boosted by equities research analysts at Barclays from $120.00 to $145.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the conglomerate’s stock. Barclays‘s target price would suggest a potential upside of 15.44% from the company’s previous close.

A number of other research analysts also recently weighed in on the company. Royal Bank of Canada increased their target price on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday. Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Citigroup lifted their price target on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $150.00 in a report on Monday. Finally, StockNews.com initiated coverage on 3M in a research report on Thursday, June 6th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $121.92.

3M Stock Performance

Shares of 3M stock traded down $1.55 during trading on Monday, hitting $125.61. 7,052,902 shares of the company’s stock traded hands, compared to its average volume of 5,425,944. 3M has a 1 year low of $71.12 and a 1 year high of $128.49. The business has a 50-day simple moving average of $102.05 and a 200-day simple moving average of $98.69. The stock has a market capitalization of $69.51 billion, a P/E ratio of -9.81, a PEG ratio of 2.36 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter last year, the firm posted $2.17 EPS. As a group, analysts forecast that 3M will post 7.19 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tributary Capital Management LLC purchased a new position in shares of 3M in the first quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the 2nd quarter valued at about $28,000. Northwest Investment Counselors LLC bought a new position in shares of 3M in the 1st quarter valued at about $32,000. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M in the 2nd quarter valued at about $33,000. 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.