3M (NYSE:MMM) Price Target Cut to $78.00 by Analysts at Royal Bank of Canada

3M (NYSE:MMMFree Report) had its price target lowered by Royal Bank of Canada from $84.00 to $78.00 in a research note released on Tuesday, Benzinga reports. The firm currently has an underperform rating on the conglomerate’s stock.

Several other research firms have also recently weighed in on MMM. Citigroup decreased their price target on shares of 3M from $117.00 to $104.00 and set a neutral rating on the stock in a report on Wednesday, January 24th. Mizuho reaffirmed a neutral rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. StockNews.com started coverage on shares of 3M in a research note on Wednesday, March 27th. They issued a buy rating for the company. Wells Fargo & Company lowered their price objective on shares of 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a research report on Wednesday, January 24th. Finally, Bank of America reduced their target price on 3M from $110.00 to $100.00 and set a neutral rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $104.10.

View Our Latest Report on 3M

3M Price Performance

Shares of NYSE:MMM opened at $92.86 on Tuesday. The firm has a market capitalization of $51.38 billion, a PE ratio of -7.34, a P/E/G ratio of 1.50 and a beta of 1.02. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The company has a 50-day moving average price of $96.54 and a two-hundred day moving average price of $97.68. 3M has a twelve month low of $71.12 and a twelve month high of $94.42.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period last year, the firm earned $2.28 EPS. 3M’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities analysts forecast that 3M will post 9.77 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MMM. Vanguard Group Inc. lifted its position in 3M by 0.7% during the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after buying an additional 317,483 shares during the period. State Street Corp lifted its position in 3M by 0.6% during the 2nd quarter. State Street Corp now owns 33,311,747 shares of the conglomerate’s stock valued at $3,334,173,000 after acquiring an additional 196,238 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in 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 in the last quarter. Geode Capital Management LLC grew its holdings in 3M by 5.7% in the first quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock worth $1,203,635,000 after purchasing an additional 619,370 shares during the period. Finally, Morgan Stanley increased its stake in shares of 3M by 8.3% during the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock valued at $1,291,535,000 after purchasing an additional 825,223 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Company Profile

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3M Company provides diversified technology services in the United States and internationally. The company 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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