3M (NYSE:MMM) Price Target Raised to $175.00

3M (NYSE:MMM) had its price objective increased by Bank of America from $160.00 to $175.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the conglomerate’s stock.

A number of other research analysts also recently weighed in on MMM. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research report on Saturday, January 18th. Barclays reduced their target price on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Wells Fargo & Company boosted their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Mizuho raised their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

3M Stock Performance

Shares of 3M stock opened at $149.61 on Wednesday. The company has a market cap of $81.47 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 52 week low of $75.40 and a 52 week high of $152.08. The business has a 50 day moving average price of $132.43 and a 200-day moving average price of $128.82.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5,770,390 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.42 earnings per share. Equities analysts anticipate that 3M will post 7.66 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 1.87%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio is currently 37.09%.

Institutional Trading of 3M

Hedge funds have recently added to or reduced their stakes in the business. Calamos Wealth Management LLC increased its holdings in shares of 3M by 4.9% in the fourth quarter. Calamos Wealth Management LLC now owns 2,194 shares of the conglomerate’s stock worth $283,000 after buying an additional 103 shares during the period. Calamos Advisors LLC grew its position in 3M by 118.8% during the 4th quarter. Calamos Advisors LLC now owns 161,155 shares of the conglomerate’s stock worth $20,803,000 after acquiring an additional 87,500 shares during the last quarter. Columbus Macro LLC grew its position in 3M by 54.1% during the 4th quarter. Columbus Macro LLC now owns 18,590 shares of the conglomerate’s stock worth $2,400,000 after acquiring an additional 6,525 shares during the last quarter. Dupree Financial Group LLC increased its stake in 3M by 0.4% in the 4th quarter. Dupree Financial Group LLC now owns 27,791 shares of the conglomerate’s stock worth $3,588,000 after purchasing an additional 103 shares during the period. Finally, Childress Capital Advisors LLC lifted its position in 3M by 5.1% in the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after purchasing an additional 76 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.