3M (NYSE:MMM) Price Target Cut to $100.00 by Analysts at Bank of America

3M (NYSE:MMMFree Report) had its target price trimmed by Bank of America from $110.00 to $100.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the conglomerate’s stock.

A number of other brokerages have also issued reports on MMM. Wells Fargo & Company reduced their price target on 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research report on Wednesday, January 24th. StockNews.com initiated coverage on 3M in a research report on Wednesday, March 27th. They set a buy rating for the company. Barclays upgraded 3M from an equal weight rating to an overweight rating and boosted their price target for the stock from $111.00 to $126.00 in a research report on Tuesday, March 19th. Citigroup reduced their price target on 3M from $117.00 to $104.00 and set a neutral rating for the company in a research report on Wednesday, January 24th. Finally, Mizuho restated a neutral rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $104.10.

View Our Latest Stock Analysis on MMM

3M Price Performance

Shares of MMM opened at $92.86 on Tuesday. The company has a market cap of $51.38 billion, a P/E ratio of -7.34, a PEG ratio of 1.50 and a beta of 1.02. The stock has a fifty day moving average price of $96.54 and a 200 day moving average price of $97.68. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. 3M has a 12 month low of $71.12 and a 12 month high of $94.42.

3M (NYSE:MMMGet Free Report) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the prior year, the business earned $2.28 EPS. The firm’s revenue was down 1.1% on a year-over-year basis. On average, research analysts forecast that 3M will post 9.77 earnings per share for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.50%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.82%.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Financial Freedom LLC acquired a new position in 3M during the fourth quarter valued at $25,000. DHJJ Financial Advisors Ltd. acquired a new position in 3M during the third quarter valued at $28,000. Livelsberger Financial Advisory acquired a new position in 3M during the fourth quarter valued at $35,000. CGC Financial Services LLC increased its position in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after purchasing an additional 160 shares during the last quarter. Finally, Briaud Financial Planning Inc acquired a new position in 3M in the 3rd quarter worth about $35,000. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Company Profile

(Get Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

See Also

Analyst Recommendations for 3M (NYSE:MMM)

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.