3M (NYSE:MMM) PT Raised to $143.00 at Bank of America

3M (NYSE:MMM) had its price target upped by Bank of America from $120.00 to $143.00 in a research note released on Monday morning, Benzinga reports. Bank of America currently has a buy rating on the conglomerate’s stock.

Other equities research analysts also recently issued reports about the company. Barclays raised their price target on 3M from $120.00 to $145.00 and gave the stock an overweight rating in a research note on Monday. Wolfe Research raised 3M from a peer perform rating to an outperform rating and set a $125.00 price objective on the stock in a research note on Thursday, June 13th. StockNews.com began coverage on 3M in a research note on Thursday, June 6th. They issued a buy rating on the stock. HSBC raised 3M from a hold rating to a buy rating and raised their price objective for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Finally, Wells Fargo & Company raised their price objective on 3M from $100.00 to $110.00 and gave the company an equal weight rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, 3M currently has a consensus rating of Hold and a consensus price target of $123.57.

3M Stock Down 0.9 %

MMM opened at $126.45 on Monday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $128.65. The business has a 50-day moving average of $103.98 and a 200-day moving average of $99.33. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The company has a market capitalization of $69.97 billion, a PE ratio of -9.94, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same period last year, the business earned $2.17 EPS. Equities research analysts forecast that 3M will post 7.21 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is presently -22.01%.

Institutional Trading of 3M

Several institutional investors have recently modified their holdings of MMM. Vanguard Group Inc. raised its position in shares of 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after acquiring an additional 377,703 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 3M by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after acquiring an additional 43,732 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after purchasing an additional 533,520 shares during the last quarter. Norges Bank bought a new stake in 3M in the fourth quarter valued at about $502,585,000. Finally, Balyasny Asset Management L.P. increased its holdings in 3M by 313.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after purchasing an additional 2,010,319 shares during the last quarter. Institutional investors and hedge funds 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.