3M (NYSE:MMM) Price Target Increased to $100.00 by Analysts at Citigroup

3M (NYSE:MMM) had its price objective boosted by Citigroup from $98.00 to $100.00 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the conglomerate’s stock.

Several other brokerages have also issued reports on MMM. UBS Group lifted their price target on shares of 3M from $98.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday. StockNews.com upgraded shares of 3M from a buy rating to a strong-buy rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. upgraded shares of 3M from a neutral rating to an overweight rating and lifted their price target for the company from $110.00 to $111.00 in a research note on Wednesday. Bank of America lowered their price target on shares of 3M from $110.00 to $100.00 and set a neutral rating on the stock in a research note on Tuesday, April 2nd. Finally, Mizuho restated a neutral rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $103.70.

3M Stock Up 2.0 %

MMM opened at $98.42 on Wednesday. 3M has a 12 month low of $71.12 and a 12 month high of $99.70. The firm’s fifty day simple moving average is $95.96 and its 200 day simple moving average is $97.55. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

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

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.14%. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is -47.48%.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MMM. Tributary Capital Management LLC acquired a new position in 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC bought a new stake in 3M in the 1st quarter valued at about $32,000. Briaud Financial Planning Inc bought a new stake in 3M in the 3rd quarter valued at about $35,000. Finally, Livelsberger Financial Advisory bought a new stake in 3M in the 4th quarter valued at about $35,000. Institutional investors and hedge funds 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.