JPMorgan Chase & Co. Issues Positive Forecast for 3M (NYSE:MMM) Stock Price

3M (NYSE:MMM) had its price objective lifted by JPMorgan Chase & Co. from $175.00 to $178.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the conglomerate’s stock.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of 3M in a research report on Wednesday, October 8th. Barclays set a $170.00 price target on shares of 3M in a research report on Friday, July 18th. Citigroup upped their price target on shares of 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Wells Fargo & Company upped their price target on shares of 3M from $170.00 to $176.00 and gave the stock an “overweight” rating in a research report on Monday, October 6th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $166.70.

3M Trading Up 0.6%

Shares of 3M stock opened at $153.49 on Wednesday. The firm has a 50-day simple moving average of $155.04 and a two-hundred day simple moving average of $148.74. The company has a market cap of $81.75 billion, a P/E ratio of 21.35, a price-to-earnings-growth ratio of 2.52 and a beta of 1.05. 3M has a fifty-two week low of $121.98 and a fifty-two week high of $164.15. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.20 and a current ratio of 1.72.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. The business had revenue of $8.38 billion during the quarter. 3M had a net margin of 16.01% and a return on equity of 96.48%. As a group, equities analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.9%. 3M’s dividend payout ratio (DPR) is presently 40.61%.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares of the company’s stock, valued at approximately $435,522. This trade represents a 68.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total transaction of $523,740.51. Following the transaction, the chief accounting officer directly owned 2,561 shares of the company’s stock, valued at $385,763.43. The trade was a 57.59% decrease in their position. 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

Hedge funds have recently made changes to their positions in the stock. GFG Capital LLC purchased a new position in shares of 3M during the 2nd quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd purchased a new position in 3M in the 1st quarter valued at approximately $28,000. WPG Advisers LLC purchased a new position in 3M in the 1st quarter valued at approximately $28,000. Saudi Central Bank purchased a new position in 3M in the 1st quarter valued at approximately $31,000. Finally, Intelligent Financial Strategies purchased a new position in 3M in the 1st quarter valued at approximately $42,000. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.