3M (NYSE:MMM) Price Target Raised to $100.00

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

A number of other research firms have also recently weighed in on MMM. Mizuho restated a neutral rating and set a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Wells Fargo & Company reduced 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 objective on 3M from $95.31 to $98.00 and gave the stock a neutral rating in a report on Monday, April 8th. StockNews.com raised 3M from a buy rating to a strong-buy rating in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. raised 3M from a neutral rating to an overweight rating and lifted their price target for the stock from $110.00 to $111.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $103.70.

3M Price Performance

NYSE:MMM opened at $97.16 on Wednesday. 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 has a 52 week low of $71.12 and a 52 week high of $99.70. The stock’s 50-day moving average price is $96.05 and its 200-day moving average price is $97.54. The stock has a market capitalization of $53.76 billion, a PE ratio of -7.64, a price-to-earnings-growth ratio of 2.17 and a beta of 1.00.

3M (NYSE:MMM) last issued 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. The company had revenue of $8 billion for the quarter, compared to analyst estimates 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 last year, the company earned $1.97 earnings per share. As a group, equities analysts expect that 3M will post 7.05 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. This is an increase from 3M’s previous quarterly dividend of $1.50. 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 6.22%. 3M’s dividend payout ratio (DPR) is presently -47.48%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is owned by company insiders.

Institutional Trading of 3M

Several hedge funds have recently made changes to their positions in the company. Fragasso Group Inc. grew its position in 3M by 3.8% in the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after acquiring an additional 93 shares during the period. Bangor Savings Bank grew its holdings in shares of 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after purchasing an additional 104 shares during the period. Allen Capital Group LLC increased its position in shares of 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after purchasing an additional 105 shares during the last quarter. Summit Financial Group Inc. raised its holdings in 3M by 3.4% in the 1st quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock valued at $352,000 after buying an additional 110 shares during the period. Finally, N.E.W. Advisory Services LLC lifted its position in 3M by 4.0% in the third quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after buying an additional 111 shares during the last quarter. 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.