Bank of America Issues Positive Forecast for 3M (NYSE:MMM) Stock Price

3M (NYSE:MMM) had its price target boosted by equities researchers at Bank of America from $160.00 to $175.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the conglomerate’s stock. Bank of America‘s price target would indicate a potential upside of 19.16% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. reduced their target price on 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company lifted their target price on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $148.87.

3M Trading Up 4.1 %

3M stock opened at $146.86 on Wednesday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The firm has a market cap of $79.98 billion, a price-to-earnings ratio of 18.54, a price-to-earnings-growth ratio of 2.30 and a beta of 0.95. The firm’s 50 day moving average price is $131.40 and its two-hundred day moving average price is $128.20. 3M has a 1 year low of $75.40 and a 1 year high of $150.00.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5,770,390 billion. During the same period in the previous year, the company posted $2.42 EPS. The company’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, research analysts predict that 3M will post 7.28 EPS for the current fiscal year.

Institutional Investors Weigh In On 3M

Several large investors have recently modified their holdings of MMM. Stonehage Fleming Financial Services Holdings Ltd lifted its holdings in shares of 3M by 3,347.8% during the fourth quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 3,965 shares of the conglomerate’s stock valued at $512,000 after acquiring an additional 3,850 shares during the period. Grimes & Company Inc. raised its stake in shares of 3M by 1.4% in the fourth quarter. Grimes & Company Inc. now owns 9,148 shares of the conglomerate’s stock valued at $1,181,000 after acquiring an additional 125 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in 3M by 24.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,304 shares of the conglomerate’s stock worth $168,000 after acquiring an additional 256 shares during the last quarter. Exchange Traded Concepts LLC raised its position in 3M by 3,024.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 75,579 shares of the conglomerate’s stock valued at $9,756,000 after purchasing an additional 73,160 shares during the last quarter. Finally, CX Institutional grew its holdings in shares of 3M by 3.0% during the fourth quarter. CX Institutional now owns 3,621 shares of the conglomerate’s stock worth $467,000 after purchasing an additional 104 shares during the last quarter. 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.