3M (NYSE:MMM) Given New $133.00 Price Target at Citigroup

3M (NYSE:MMM) had its price target raised by investment analysts at Citigroup from $100.00 to $133.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the conglomerate’s stock. Citigroup’s price target would indicate a potential upside of 5.96% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. StockNews.com assumed coverage on shares of 3M in a research report on Thursday, June 6th. They set a “buy” rating for the company. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $150.00 in a report on Monday. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $105.00 to $120.00 in a research note on Friday, June 7th. Wells Fargo & Company upped their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada lifted their price target on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $121.92.

3M Stock Performance

NYSE MMM traded down $1.64 during trading on Monday, reaching $125.52. 7,282,245 shares of the company’s stock were exchanged, compared to its average volume of 5,425,944. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The business has a 50 day moving average price of $102.05 and a 200-day moving average price of $98.69. The stock has a market capitalization of $69.46 billion, a P/E ratio of -9.81, a PEG ratio of 2.36 and a beta of 0.95. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $128.65.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the previous year, the company posted $2.17 earnings per share. Sell-side analysts forecast that 3M will post 7.19 earnings per share for the current fiscal year.

Institutional Trading of 3M

Several hedge funds have recently modified their holdings of MMM. Tributary Capital Management LLC bought a new stake in 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares in the last quarter. MFA Wealth Advisors LLC acquired a new position in shares of 3M during the second quarter worth approximately $28,000. Northwest Investment Counselors LLC bought a new position in shares of 3M in the 1st quarter worth $32,000. Finally, TruNorth Capital Management LLC acquired a new stake in 3M in the 2nd quarter valued at $33,000. Institutional investors 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.