3M (NYSE:MMM) PT Raised to $100.00

3M (NYSE:MMM) had its price objective lifted by Royal Bank of Canada from $99.00 to $100.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has an underperform rating on the conglomerate’s stock.

A number of other analysts have also recently commented on MMM. Barclays upped their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Morgan Stanley assumed coverage on shares of 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price target on the stock. Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $135.67.

3M Price Performance

Shares of NYSE:MMM opened at $127.91 on Wednesday. The firm’s 50 day moving average price is $133.07 and its 200-day moving average price is $113.57. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market capitalization of $70.78 billion, a PE ratio of -10.06, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. 3M has a twelve month low of $72.47 and a twelve month high of $141.34.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter last year, the company posted $2.68 EPS. The company’s revenue was down 24.3% compared to the same quarter last year. Equities research analysts expect that 3M will post 7.24 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.19%. 3M’s dividend payout ratio is currently -22.01%.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 3M

Several large investors have recently added to or reduced their stakes in the stock. CVA Family Office LLC lifted its stake in shares of 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock valued at $571,000 after purchasing an additional 79 shares during the last quarter. Fortis Capital Advisors LLC lifted its position in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock worth $307,000 after buying an additional 84 shares during the last quarter. KMG Fiduciary Partners LLC lifted its position in 3M by 0.5% in the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after buying an additional 84 shares during the last quarter. Raleigh Capital Management Inc. boosted its stake in 3M by 2.9% during the third quarter. Raleigh Capital Management Inc. now owns 3,038 shares of the conglomerate’s stock worth $415,000 after buying an additional 87 shares during the period. Finally, Mount Yale Investment Advisors LLC increased its position in 3M by 1.1% during the third quarter. Mount Yale Investment Advisors LLC now owns 8,462 shares of the conglomerate’s stock valued at $1,157,000 after acquiring an additional 95 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

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.