Royal Bank of Canada Raises 3M (NYSE:MMM) Price Target to $138.00

3M (NYSE:MMMGet Rating) had its target price upped by Royal Bank of Canada from $136.00 to $138.00 in a research note issued on Wednesday, reports. The brokerage currently has an “underperform” rating on the conglomerate’s stock. Royal Bank of Canada’s price target indicates a potential downside of 4.31% from the company’s current price.

A number of other analysts also recently commented on MMM. Deutsche Bank Aktiengesellschaft cut their price objective on shares of 3M from $167.00 to $164.00 and set a “hold” rating for the company in a report on Wednesday. Jefferies Financial Group dropped their price target on shares of 3M from $186.00 to $161.00 and set a “hold” rating for the company in a research note on Tuesday, March 15th. Zacks Investment Research downgraded shares of 3M from a “hold” rating to a “sell” rating and set a $159.00 target price for the company. in a report on Friday, April 22nd. Citigroup dropped their target price on shares of 3M from $157.00 to $151.00 in a report on Wednesday. Finally, began coverage on shares of 3M in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Six analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, 3M has an average rating of “Hold” and a consensus target price of $164.73.

MMM opened at $144.22 on Wednesday. The company has a market cap of $82.09 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 1.56 and a beta of 0.97. The company has a quick ratio of 1.15, a current ratio of 1.70 and a debt-to-equity ratio of 1.06. 3M has a twelve month low of $139.74 and a twelve month high of $208.95. The company has a 50-day moving average price of $147.82 and a 200 day moving average price of $165.79.

3M (NYSE:MMMGet Rating) last released its quarterly earnings data on Tuesday, April 26th. The conglomerate reported $2.65 EPS for the quarter, beating the Zacks’ consensus estimate of $2.31 by $0.34. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.75 billion. 3M had a net margin of 16.75% and a return on equity of 40.84%. 3M’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.77 EPS. As a group, sell-side analysts expect that 3M will post 10.22 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in shares of 3M during the fourth quarter valued at approximately $596,325,000. BlackRock Inc. raised its stake in 3M by 4.4% during the third quarter. BlackRock Inc. now owns 41,630,784 shares of the conglomerate’s stock worth $7,302,871,000 after purchasing an additional 1,739,749 shares during the period. Cullen Capital Management LLC purchased a new position in 3M during the fourth quarter worth approximately $186,687,000. Morgan Stanley raised its stake in 3M by 16.4% during the second quarter. Morgan Stanley now owns 5,903,837 shares of the conglomerate’s stock worth $1,172,678,000 after purchasing an additional 832,796 shares during the period. Finally, Franklin Resources Inc. raised its stake in 3M by 44.9% during the third quarter. Franklin Resources Inc. now owns 2,120,451 shares of the conglomerate’s stock worth $371,968,000 after purchasing an additional 656,752 shares during the period. Institutional investors own 66.06% of the company’s stock.

About 3M (Get Rating)

3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

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