3M (NYSE:MMM) Receives $144.87 Average Target Price from Brokerages

Shares of 3M (NYSE:MMM) have earned a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $144.87.

A number of analysts recently weighed in on the stock. Royal Bank of Canada upped their target price on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday, October 23rd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Tuesday, October 22nd. Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Barclays increased their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th.

3M Trading Down 0.8 %

3M stock opened at $130.18 on Wednesday. The business has a 50 day moving average price of $130.10 and a two-hundred day moving average price of $124.26. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The stock has a market cap of $70.89 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

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

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 2.15%. 3M’s dividend payout ratio is currently 35.35%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MMM. CVA Family Office LLC raised its position in shares of 3M by 1.9% during the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after acquiring an additional 79 shares during the last quarter. Harbour Investments Inc. lifted its stake in 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after buying an additional 81 shares during the period. Fortis Capital Advisors LLC boosted its holdings in 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after buying an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC grew its position in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after buying an additional 84 shares during the period. Finally, TCV Trust & Wealth Management Inc. increased its stake in shares of 3M by 1.3% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after acquiring an additional 84 shares during the last quarter. 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.