JPMorgan Chase & Co. Forecasts Strong Price Appreciation for 3M (NYSE:MMM) Stock

3M (NYSE:MMM) had its target price upped by investment analysts at JPMorgan Chase & Co. from $140.00 to $167.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 9.07% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Barclays upped their price target on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 23rd. 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 report on Wednesday, April 23rd. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research report on Saturday, May 10th. Finally, Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.08.

3M Stock Up 2.9%

Shares of NYSE MMM opened at $153.11 on Friday. 3M has a 52-week low of $96.76 and a 52-week high of $156.35. The firm has a fifty day moving average of $141.60 and a 200-day moving average of $139.40. The stock has a market capitalization of $82.40 billion, a PE ratio of 20.28, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $5.80 billion during the quarter, compared to analysts’ expectations of $5.78 billion. On average, analysts anticipate that 3M will post 7.8 EPS for the current year.

Institutional Investors Weigh In On 3M

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of 3M by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock valued at $1,493,655,000 after purchasing an additional 280,048 shares in the last quarter. Northern Trust Corp raised its stake in shares of 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock valued at $871,738,000 after purchasing an additional 755,155 shares in the last quarter. Capital World Investors raised its stake in shares of 3M by 25.4% in the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after purchasing an additional 1,248,093 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after purchasing an additional 479,621 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of 3M in the 4th quarter valued at about $636,767,000. Institutional investors and hedge funds 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.