3M (NYSE:MMM) Price Target Raised to $197.00

3M (NYSE:MMM) had its target price lifted by Wolfe Research from $187.00 to $197.00 in a research note released on Thursday morning,MarketScreener reports. They currently have an outperform rating on the conglomerate’s stock.

A number of other research firms have also recently commented on MMM. Deutsche Bank Aktiengesellschaft lifted their target price on 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $175.00 to $178.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Citigroup increased their target price on shares of 3M from $160.00 to $169.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Barclays lifted their price target on shares of 3M from $172.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, October 22nd. Finally, Royal Bank Of Canada raised their target price on 3M from $120.00 to $130.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 22nd. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $175.10.

3M Price Performance

3M stock opened at $167.51 on Thursday. The stock has a market capitalization of $88.99 billion, a price-to-earnings ratio of 26.76, a PEG ratio of 2.90 and a beta of 1.06. 3M has a 52-week low of $121.98 and a 52-week high of $172.85. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.40 and a current ratio of 1.84. The stock’s 50 day moving average price is $159.21 and its two-hundred day moving average price is $153.43.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. The firm had revenue of $8.38 billion for the quarter. 3M had a net margin of 13.70% and a return on equity of 98.47%. On average, equities analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 14th. 3M’s payout ratio is currently 46.65%.

Insiders Place Their Bets

In related news, EVP Mark W. Murphy sold 19,061 shares of 3M stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $166.55, for a total value of $3,174,609.55. Following the transaction, the executive vice president owned 6,594 shares in the company, valued at $1,098,230.70. This trade represents a 74.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 13,826 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $169.78, for a total value of $2,347,378.28. Following the completion of the sale, the executive vice president directly owned 6,162 shares of the company’s stock, valued at approximately $1,046,184.36. This trade represents a 69.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 46,516 shares of company stock worth $7,836,465. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. GFG Capital LLC purchased a new position in shares of 3M in the 2nd quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd purchased a new position in 3M during the first quarter valued at $28,000. WPG Advisers LLC bought a new stake in shares of 3M during the 1st quarter valued at $28,000. Saudi Central Bank purchased a new stake in shares of 3M in the 1st quarter worth about $31,000. Finally, J.Safra Asset Management Corp bought a new position in shares of 3M in the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Company Profile

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.