3M (NYSE:MMM) Price Target Cut to $110.00

3M (NYSE:MMM) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $118.00 to $110.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 20.24% from the stock’s current price.

A number of other brokerages also recently commented on MMM. Barclays reduced their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Wells Fargo & Company dropped their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Citigroup lifted their price target on shares of 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Bank of America dropped their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $104.00.

3M Stock Up 0.6 %

Shares of MMM stock opened at $91.48 on Wednesday. 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 firm’s 50-day moving average is $95.77 and its two-hundred day moving average is $97.22. 3M has a 12 month low of $71.12 and a 12 month high of $95.67.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the previous year, the firm earned $2.28 earnings per share. 3M’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities research analysts anticipate that 3M will post 8.79 EPS for the current fiscal year.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred 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 owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after acquiring an additional 317,483 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in 3M by 0.4% during the 4th 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 lifted its position in shares of 3M by 5.7% during the 1st quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock worth $1,203,635,000 after buying an additional 619,370 shares during the last quarter. Morgan Stanley lifted its position in shares of 3M by 8.3% during the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after buying an additional 825,223 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of 3M by 0.6% during the 1st quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock worth $1,103,670,000 after buying an additional 44,714 shares during the last quarter. Institutional investors and hedge funds 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.