3M (NYSE:MMM) Price Target Raised to $170.00

3M (NYSE:MMM) had its price objective boosted by Barclays from $164.00 to $170.00 in a research note released on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the conglomerate’s stock.

A number of other brokerages have also commented on MMM. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Friday, June 27th. JPMorgan Chase & Co. raised their price target on shares of 3M from $140.00 to $167.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Wells Fargo & Company upped their price objective on shares of 3M from $150.00 to $170.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a research note on Friday, May 30th. Finally, Royal Bank Of Canada upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $156.33.

3M Stock Performance

Shares of MMM opened at $155.73 on Wednesday. The company has a 50-day moving average of $148.22 and a two-hundred day moving average of $144.49. The stock has a market cap of $83.81 billion, a price-to-earnings ratio of 19.66, a PEG ratio of 3.07 and a beta of 1.02. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M has a one year low of $100.87 and a one year high of $159.47.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. 3M had a net margin of 17.79% and a return on equity of 96.19%. The firm had revenue of $5.80 billion during the quarter, compared to analyst estimates of $5.78 billion. On average, equities research analysts expect that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.88%. 3M’s dividend payout ratio is 36.87%.

Insider Activity

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president owned 31,372 shares of the company’s stock, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Zoe L. Dickson sold 7,915 shares of 3M stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president directly owned 6,127 shares in the company, valued at approximately $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several large investors have recently bought and sold shares of the stock. Proficio Capital Partners LLC acquired a new position in shares of 3M during the fourth quarter valued at about $26,000. REAP Financial Group LLC raised its holdings in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. bought a new stake in shares of 3M in the 4th quarter worth approximately $27,000. Pinney & Scofield Inc. bought a new stake in shares of 3M in the 4th quarter worth approximately $28,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of 3M during the 1st quarter worth approximately $28,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.