3M (NYSE:MMM) Price Target Raised to $165.00

3M (NYSE:MMM) had its target price raised by JPMorgan Chase & Co. from $162.00 to $165.00 in a report published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the conglomerate’s stock.

Other research analysts have also issued research reports about the company. UBS Group raised 3M from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Barclays upped their price target on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday. Royal Bank of Canada reduced their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

Shares of MMM opened at $149.61 on Wednesday. 3M has a 1 year low of $75.40 and a 1 year high of $152.08. The stock has a market capitalization of $81.47 billion, a P/E ratio of 19.82, a P/E/G ratio of 2.46 and a beta of 0.95. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company’s fifty day moving average is $132.43 and its two-hundred day moving average is $128.82.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5,770,390 billion. During the same period in the prior year, the company posted $2.42 earnings per share. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, sell-side analysts predict that 3M will post 7.66 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.87%. 3M’s dividend payout ratio (DPR) is presently 37.09%.

Hedge Funds Weigh In On 3M

Several institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its holdings in shares of 3M by 6.7% during the 2nd quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock worth $16,874,000 after acquiring an additional 10,309 shares during the period. Frank Rimerman Advisors LLC purchased a new position in 3M during the second quarter worth approximately $387,000. Gabelli Funds LLC raised its stake in 3M by 14.6% during the second quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock worth $261,000 after purchasing an additional 325 shares during the period. Public Sector Pension Investment Board boosted its holdings in shares of 3M by 75.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock valued at $2,185,000 after purchasing an additional 9,160 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of 3M by 60.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 105,867 shares of the conglomerate’s stock valued at $10,819,000 after buying an additional 39,717 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.