3M (NYSE:MMM) PT Raised to $87.00

3M (NYSE:MMM) had its price objective raised by Royal Bank of Canada from $78.00 to $87.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have an underperform rating on the conglomerate’s stock.

Other analysts have also recently issued research reports about the stock. Barclays reduced their price objective on shares of 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 reduced their price target on shares of 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research report on Wednesday, January 24th. StockNews.com upgraded 3M from a buy rating to a strong-buy rating in a report on Thursday, April 25th. Citigroup lifted their price objective on 3M from $95.31 to $98.00 and gave the stock a neutral rating in a report on Monday, April 8th. Finally, UBS Group upped their target price on 3M from $98.00 to $100.00 and gave the company a neutral rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $103.70.

3M Stock Performance

NYSE MMM opened at $97.16 on Wednesday. The stock has a market capitalization of $53.76 billion, a price-to-earnings ratio of -7.64, a PEG ratio of 2.17 and a beta of 1.00. The business’s 50 day moving average is $96.05 and its two-hundred day moving average is $97.54. 3M has a 12-month low of $71.12 and a 12-month high of $99.70. The company has a current ratio of 1.64, a quick ratio of 0.76 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter in the prior year, the company posted $1.97 earnings per share. Research analysts expect that 3M will post 7.05 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.48%.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’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 transaction, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of 3M

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fragasso Group Inc. boosted its holdings in shares of 3M by 3.8% during the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after purchasing an additional 93 shares during the last quarter. Bangor Savings Bank lifted its position in 3M by 1.0% during the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after buying an additional 104 shares during the period. Allen Capital Group LLC boosted its stake in 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares during the last quarter. Summit Financial Group Inc. boosted its stake in 3M by 3.4% in the 1st quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock worth $352,000 after buying an additional 110 shares during the last quarter. Finally, N.E.W. Advisory Services LLC grew its holdings in 3M by 4.0% in the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after buying an additional 111 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

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.