3M (NYSE:MMM) Price Target Cut to $123.00 by Analysts at Royal Bank Of Canada

3M (NYSE:MMM) had its price objective cut by equities researchers at Royal Bank Of Canada from $133.00 to $123.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “underperform” rating on the conglomerate’s stock. Royal Bank Of Canada’s target price suggests a potential downside of 24.43% from the stock’s current price.

A number of other brokerages have also weighed in on MMM. The Goldman Sachs Group upgraded shares of 3M to a “buy” rating and set a $190.00 target price on the stock in a research report on Monday, June 15th. Citigroup dropped their price target on 3M from $175.00 to $166.00 and set a “neutral” rating for the company in a research note on Monday, April 13th. Wolfe Research reissued an “outperform” rating on shares of 3M in a report on Thursday, July 9th. Barclays reduced their price objective on 3M from $190.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Finally, Weiss Ratings downgraded 3M from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Hold” and a consensus target price of $169.29.

3M Price Performance

Shares of MMM traded up $2.23 during midday trading on Thursday, hitting $162.75. The company’s stock had a trading volume of 332,427 shares, compared to its average volume of 3,907,009. 3M has a one year low of $139.34 and a one year high of $177.41. The company’s fifty day simple moving average is $155.42 and its two-hundred day simple moving average is $156.12. The company has a quick ratio of 1.19, a current ratio of 1.59 and a debt-to-equity ratio of 3.29. The stock has a market capitalization of $84.89 billion, a price-to-earnings ratio of 31.38, a price-to-earnings-growth ratio of 2.20 and a beta of 1.02.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 21st. The conglomerate reported $2.14 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.16. The business had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.04 billion. 3M had a return on equity of 104.75% and a net margin of 11.14%.3M’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.88 EPS. 3M has set its FY 2026 guidance at 8.500-8.700 EPS. As a group, equities analysts expect that 3M will post 8.74 earnings per share for the current fiscal year.

Institutional Trading of 3M

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Trust increased its position in shares of 3M by 3.4% during the fourth quarter. American Trust now owns 1,803 shares of the conglomerate’s stock worth $289,000 after acquiring an additional 60 shares in the last quarter. Walter & Keenan Wealth Management LLC IN ADV lifted its position in 3M by 1.0% in the 3rd quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 6,045 shares of the conglomerate’s stock valued at $938,000 after acquiring an additional 61 shares in the last quarter. Cornerstone Planning Group LLC boosted its stake in 3M by 32.1% during the 1st quarter. Cornerstone Planning Group LLC now owns 292 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 71 shares during the last quarter. Harbor Investment Advisory LLC increased its holdings in 3M by 4.2% during the 4th quarter. Harbor Investment Advisory LLC now owns 1,802 shares of the conglomerate’s stock worth $288,000 after purchasing an additional 72 shares in the last quarter. Finally, Morse Asset Management Inc increased its holdings in 3M by 0.7% during the 4th quarter. Morse Asset Management Inc now owns 10,713 shares of the conglomerate’s stock worth $1,715,000 after purchasing an additional 75 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

About 3M

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M’s businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).