Barclays Boosts 3M (NYSE:MMM) Price Target to $160.00

3M (NYSE:MMM) had its price objective increased by Barclays from $145.00 to $160.00 in a report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the conglomerate’s stock.

Other equities research analysts have also issued research reports about the stock. Morgan Stanley began coverage on shares of 3M in a report on Friday, September 6th. They issued an underweight rating and a $125.00 price objective for the company. Royal Bank of Canada increased their price target on shares of 3M from $93.00 to $95.00 and gave the stock an underperform rating in a research report on Monday, July 29th. Bank of America raised their target price on shares of 3M from $120.00 to $143.00 and gave the company a buy rating in a report on Monday, July 29th. Argus upgraded shares of 3M from a hold rating to a buy rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company increased their price target on shares of 3M from $100.00 to $110.00 and gave the company an equal weight rating in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $125.50.

3M Stock Performance

MMM opened at $135.24 on Wednesday. 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 firm has a fifty day moving average price of $130.70 and a 200 day moving average price of $110.47. 3M has a 1 year low of $71.12 and a 1 year high of $140.72. The stock has a market cap of $74.84 billion, a P/E ratio of -10.63, a P/E/G ratio of 2.51 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the prior year, the business posted $2.17 earnings per share. Equities research analysts anticipate that 3M will post 7.22 earnings per share for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Insider Buying and Selling at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fortis Capital Advisors LLC raised its stake in 3M by 2.9% in the 2nd quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after purchasing an additional 84 shares during the last quarter. Brown Brothers Harriman & Co. grew its holdings in 3M by 0.4% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock valued at $2,311,000 after buying an additional 97 shares during the period. AMG National Trust Bank grew its holdings in 3M by 3.1% in the 2nd quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock valued at $340,000 after buying an additional 100 shares during the period. Platinum Investment Management Ltd. grew its holdings in 3M by 11.4% in the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after buying an additional 104 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after buying an additional 105 shares during the period. Institutional investors and hedge funds 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.