3M (NYSE:MMM) Given New $165.00 Price Target at Barclays

3M (NYSE:MMM) had its price objective hoisted by Barclays from $161.00 to $165.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has an overweight rating on the conglomerate’s stock.

Other equities research analysts also recently issued reports about the stock. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Tuesday, October 22nd. Bank of America upped their price objective on 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research note on Saturday, January 18th. Mizuho increased their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

3M Stock Up 1.5 %

NYSE:MMM opened at $149.14 on Wednesday. 3M has a twelve month low of $75.40 and a twelve month high of $152.08. The firm has a market capitalization of $81.21 billion, a price-to-earnings ratio of 18.83, a price-to-earnings-growth ratio of 2.30 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock’s 50 day moving average price is $131.73 and its two-hundred day moving average price is $128.53.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5,770,390 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.42 earnings per share. Equities research analysts expect that 3M will post 7.28 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Hedge Funds Weigh In On 3M

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. increased its position in shares of 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after purchasing an additional 20,421 shares during the period. Franklin Resources Inc. grew its stake in 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after buying an additional 178,450 shares in the last quarter. Meyer Handelman Co. increased its holdings in 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after buying an additional 2,678 shares during the period. Ballentine Partners LLC raised its position in shares of 3M by 40.1% in the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after buying an additional 5,210 shares in the last quarter. Finally, Stonegate Investment Group LLC lifted its holdings in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after acquiring an additional 13,473 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

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.