3M (NYSE:MMM) Price Target Increased to $200.00 by Analysts at Royal Bank of Canada

3M (NYSE:MMM) had its price target boosted by Royal Bank of Canada from $198.00 to $200.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “sector perform” rating on the conglomerate’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 0.70% from the company’s current price.

Several other equities research analysts have also recently issued reports on MMM. Bank of America cut 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price objective on the stock. in a report on Thursday, January 7th. Deutsche Bank Aktiengesellschaft raised their price objective on 3M from $192.00 to $199.00 and gave the stock a “hold” rating in a report on Wednesday, April 28th. Morgan Stanley raised their price objective on 3M from $188.00 to $200.00 and gave the stock an “equal weight” rating in a report on Monday, April 19th. Credit Suisse Group decreased their price objective on 3M from $213.00 to $210.00 and set an “outperform” rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and set a $205.00 target price on the stock in a report on Wednesday, January 27th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $193.45.

3M stock opened at $198.61 on Tuesday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.37 and a current ratio of 1.90. The stock has a fifty day moving average of $195.03 and a two-hundred day moving average of $178.49. The company has a market capitalization of $115.13 billion, a price-to-earnings ratio of 23.28, a PEG ratio of 1.85 and a beta of 0.92. 3M has a fifty-two week low of $131.12 and a fifty-two week high of $203.15.

3M (NYSE:MMM) last released its quarterly earnings results on Monday, April 26th. The conglomerate reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.48. The company had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.43 billion. 3M had a return on equity of 44.77% and a net margin of 15.65%. 3M’s revenue was up 9.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.16 earnings per share. On average, analysts forecast that 3M will post 8.56 EPS for the current fiscal year.

In related news, VP Ivan K. Fong sold 12,059 shares of the business’s stock in a transaction dated Friday, April 30th. The stock was sold at an average price of $198.46, for a total value of $2,393,229.14. Following the completion of the sale, the vice president now directly owns 47,872 shares of the company’s stock, valued at $9,500,677.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kristen M. Ludgate sold 933 shares of the business’s stock in a transaction dated Wednesday, April 21st. The shares were sold at an average price of $200.00, for a total value of $186,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,042 shares of company stock worth $2,588,687. Corporate insiders own 0.42% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Financial Avengers Inc. bought a new position in shares of 3M during the fourth quarter valued at approximately $26,000. IronBridge Private Wealth LLC bought a new position in shares of 3M during the fourth quarter valued at approximately $26,000. Newfound Research LLC bought a new position in shares of 3M during the fourth quarter valued at approximately $41,000. Lederer & Associates Investment Counsel CA bought a new position in shares of 3M during the first quarter valued at approximately $52,000. Finally, Wolff Wiese Magana LLC bought a new position in shares of 3M during the fourth quarter valued at approximately $49,000. 64.68% of the stock is owned by hedge funds and other institutional investors.

3M Company Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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Analyst Recommendations for 3M (NYSE:MMM)

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