Brokerages Set 3M (NYSE:MMM) Price Target at $104.00

3M (NYSE:MMM) has received an average rating of “Hold” from the ten ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $104.00.

Several equities research analysts have commented on MMM shares. Bank of America dropped 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. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 16th. Barclays decreased their price target on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. Wells Fargo & Company lowered their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. lowered their price target on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th.

Insiders Place Their Bets

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On 3M

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tributary Capital Management LLC purchased a new position in 3M in the first quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in 3M in the 1st quarter valued at $32,000. Briaud Financial Planning Inc bought a new position in 3M in the 3rd quarter worth $35,000. Finally, Livelsberger Financial Advisory bought a new stake in 3M during the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE MMM opened at $93.00 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The firm’s 50-day moving average price is $95.73 and its two-hundred day moving average price is $97.43. 3M has a 52-week low of $71.12 and a 52-week high of $95.67. The stock has a market capitalization of $51.46 billion, a P/E ratio of -7.36, a P/E/G ratio of 1.63 and a beta of 1.02.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the company earned $2.28 earnings per share. As a group, sell-side analysts forecast that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 6.49%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.82%.

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.