UBS Group Raises 3M (NYSE:MMM) Price Target to $100.00

3M (NYSE:MMM) had its price objective boosted by UBS Group from $98.00 to $100.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the conglomerate’s stock.

Several other research firms have also recently issued reports on MMM. Mizuho reaffirmed a neutral rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Citigroup upped their price objective on shares of 3M from $95.31 to $98.00 and gave the company a neutral rating in a research note on Monday, April 8th. Wells Fargo & Company lowered their target price on shares of 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research note on Wednesday, January 24th. Barclays cut their price target on 3M from $126.00 to $107.00 and set an overweight rating for the company in a report on Tuesday, April 2nd. Finally, Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a neutral rating on the stock in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, 3M has a consensus rating of Hold and a consensus price target of $103.70.

3M Price Performance

MMM stock opened at $97.16 on Wednesday. The stock’s 50 day moving average price is $96.05 and its 200 day moving average price is $97.54. The firm has a market cap of $53.76 billion, a P/E ratio of -7.64, a PEG ratio of 2.17 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.76 and a current ratio of 1.64. 3M has a 1 year low of $71.12 and a 1 year high of $99.70.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the previous year, the firm posted $1.97 earnings per share. On average, sell-side analysts expect that 3M will post 7.05 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is currently -47.48%.

Insider Buying and Selling

In other 3M 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 transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

Several large investors have recently added to or reduced their stakes in MMM. Vanguard Group Inc. boosted its position in shares of 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after buying an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in 3M by 0.4% in 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 during the period. Norges Bank acquired a new stake in 3M in the fourth quarter valued at approximately $502,585,000. Bank of New York Mellon Corp raised its stake in shares of 3M by 10.6% during the first quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock valued at $480,680,000 after purchasing an additional 435,439 shares during the period. Finally, Invesco Ltd. lifted its position in shares of 3M by 2.4% during the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after purchasing an additional 94,864 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.