Brokerages Set 3M (NYSE:MMM) Price Target at $107.60

3M (NYSE:MMM) has been assigned an average rating of “Hold” from the ten ratings firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $107.60.

MMM has been the subject of a number of recent analyst reports. Barclays raised shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $111.00 to $126.00 in a research note on Tuesday, March 19th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $84.00 price target on shares of 3M in a research note on Wednesday, March 20th. StockNews.com initiated coverage on shares of 3M in a research note on Wednesday. They set a “buy” rating for the company. Citigroup dropped their price target on shares of 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Finally, Mizuho reissued a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were 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 owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On 3M

Several large investors have recently modified their holdings of the business. Moneta Group Investment Advisors LLC lifted its position in 3M by 73,903.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock valued at $798,258,000 after acquiring an additional 6,647,593 shares during the last quarter. Norges Bank purchased a new stake in 3M during the fourth quarter valued at approximately $502,585,000. Pacer Advisors Inc. lifted its position in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares during the last quarter. Balyasny Asset Management L.P. lifted its position in 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after acquiring an additional 2,010,319 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in 3M by 1,889.1% during the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after acquiring an additional 1,288,400 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

Shares of NYSE:MMM opened at $104.61 on Monday. 3M has a 52 week low of $85.35 and a 52 week high of $113.14. The stock has a market capitalization of $57.82 billion, a P/E ratio of -8.26, a PEG ratio of 1.48 and a beta of 1.00. The firm has a fifty day simple moving average of $96.89 and a two-hundred day simple moving average of $97.74. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the company posted $2.28 EPS. The business’s revenue was down 1.1% on a year-over-year basis. On average, analysts expect that 3M will post 9.77 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 5.77%. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is currently -47.82%.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.