Barclays Cuts 3M (NYSE:MMM) Price Target to $161.00

3M (NYSE:MMM) had its target price reduced by Barclays from $165.00 to $161.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the conglomerate’s stock.

Several other research analysts also recently commented on the stock. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company boosted their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. upped their target price on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and an average target price of $144.33.

3M Price Performance

MMM stock opened at $131.13 on Wednesday. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The firm has a market capitalization of $71.41 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The firm has a 50 day moving average of $130.51 and a 200-day moving average of $126.31.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.68 earnings per share. As a group, sell-side analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.14%. 3M’s dividend payout ratio is presently 35.35%.

Institutional Trading of 3M

A number of institutional investors have recently bought and sold shares of MMM. FMR LLC lifted its position in shares of 3M by 88.7% during the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the period. Electron Capital Partners LLC purchased a new position in shares of 3M during the second quarter valued at $76,732,000. Jennison Associates LLC purchased a new position in shares of 3M during the third quarter valued at $82,208,000. Finally, Parsifal Capital Management LP increased its stake in shares of 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after buying an additional 526,194 shares during the period. 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.