3M (NYSE:MMM) Price Target Raised to $130.00

3M (NYSE:MMM) had its price target boosted by Royal Bank Of Canada from $120.00 to $130.00 in a report published on Wednesday morning, MarketBeat Ratings reports. They currently have an underperform rating on the conglomerate’s stock.

MMM has been the subject of a number of other reports. Wells Fargo & Company lifted their price target on shares of 3M from $170.00 to $176.00 and gave the company an “overweight” rating in a research report on Monday, October 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of 3M in a research note on Wednesday, October 8th. Barclays set a $170.00 price target on shares of 3M in a research note on Friday, July 18th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of 3M from $175.00 to $178.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $172.67.

3M Stock Performance

NYSE MMM opened at $168.50 on Wednesday. The company’s 50 day moving average is $155.93 and its 200-day moving average is $149.89. 3M has a 12-month low of $121.98 and a 12-month high of $172.85. The company has a quick ratio of 1.20, a current ratio of 1.84 and a debt-to-equity ratio of 2.54. The firm has a market cap of $89.51 billion, a P/E ratio of 26.92, a price-to-earnings-growth ratio of 3.03 and a beta of 1.05.

3M (NYSE:MMM) last posted its earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. The business had revenue of $8.38 billion for the quarter. 3M had a net margin of 13.70% and a return on equity of 98.47%. Sell-side analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Monday, August 25th were issued a $0.73 dividend. The ex-dividend date was Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.7%. 3M’s dividend payout ratio is presently 46.65%.

Insider Transactions at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the transaction, the insider directly owned 2,900 shares in the company, valued at $435,522. This represents a 68.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction dated 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 owned 2,561 shares in the company, valued at approximately $385,763.43. The trade was a 57.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new position in 3M during the 1st quarter worth $28,000. WPG Advisers LLC purchased a new position in shares of 3M in the first quarter valued at $28,000. GFG Capital LLC purchased a new stake in 3M during the 2nd quarter worth about $28,000. Saudi Central Bank purchased a new stake in 3M during the 1st quarter worth about $31,000. Finally, Intelligent Financial Strategies purchased a new stake in 3M during the 1st quarter worth about $42,000. 65.25% of the stock is 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.