Deutsche Bank Raises 3M (NYSE:MMM) Price Target to $176.00

3M (NYSE:MMM) had its price target increased by Deutsche Bank from $160.00 to $176.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. They currently have a hold rating on the conglomerate’s stock.

MMM has been the topic of a number of other reports. Citigroup cut their target price on 3M from $197.00 to $180.00 and set a buy rating on the stock in a research note on Tuesday, October 15th. Zacks Investment Research lowered shares of 3M from a hold rating to a sell rating and set a $166.00 price target for the company. in a research report on Monday, October 14th. JPMorgan Chase & Co. increased their price objective on shares of 3M from $140.00 to $143.00 and gave the stock an underweight rating in a report on Thursday, October 10th. Royal Bank of Canada dropped their price objective on shares of 3M from $165.00 to $165.00 and set an equal weight rating on the stock in a report on Friday, October 25th. Finally, Wolfe Research set a $177.00 price objective on shares of 3M and gave the company a sell rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $174.25.

Shares of 3M stock opened at $171.47 on Wednesday. The company has a current ratio of 2.30, a quick ratio of 1.79 and a debt-to-equity ratio of 1.68. The business’s 50 day simple moving average is $168.86 and its 200-day simple moving average is $166.83. The stock has a market capitalization of $94.52 billion, a price-to-earnings ratio of 17.64, a PEG ratio of 1.91 and a beta of 1.09. 3M has a twelve month low of $150.58 and a twelve month high of $219.75.

3M (NYSE:MMM) last released its quarterly earnings data on Thursday, October 24th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.49 by $0.09. The business had revenue of $7.99 billion during the quarter, compared to analyst estimates of $8.20 billion. 3M had a return on equity of 54.02% and a net margin of 15.48%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.58 EPS. Sell-side analysts predict that 3M will post 9.05 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.36%. The ex-dividend date is Thursday, November 21st. 3M’s payout ratio is currently 55.07%.

In other 3M news, SVP Eric D. Hammes sold 1,341 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $174.25, for a total transaction of $233,669.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Julie L. Bushman sold 6,879 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $165.09, for a total transaction of $1,135,654.11. Insiders have sold a total of 13,216 shares of company stock valued at $2,233,940 in the last quarter. 0.83% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kempen Capital Management N.V. acquired a new stake in shares of 3M in the second quarter valued at $25,000. 1 North Wealth Services LLC acquired a new position in 3M during the third quarter worth about $26,000. Atwater Malick LLC acquired a new position in 3M during the third quarter worth about $30,000. Bridger Capital Management LLC bought a new stake in 3M in the third quarter worth about $33,000. Finally, SRS Capital Advisors Inc. bought a new stake in 3M in the second quarter worth about $37,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Analyst Recommendations for 3M (NYSE:MMM)

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