3M Given New $121.00 Price Target at Barclays (MMM)
Barclays raised their target price on shares of 3M (NYSE:MMM) from $118.00 to $121.00 in a research note issued on Friday, ARN reports. The firm currently has an “equal weight” rating on the stock. Barclays’ price target suggests a potential downside of 2.75% from the company’s current price.
3M (NYSE:MMM) traded up 0.75% during mid-day trading on Friday, hitting $124.42. 2,054,269 shares of the company’s stock traded hands. 3M has a 1-year low of $86.74 and a 1-year high of $119.26. The stock’s 50-day moving average is $116.2 and its 200-day moving average is $110.5. The company has a market cap of $85.037 billion and a P/E ratio of 19.33. 3M also was the recipient of unusually large options trading on Thursday. Stock investors bought 24,178 put options on the stock. This is an increase of 620% compared to the typical volume of 3,358 put options.
3M (NYSE:MMM) last announced its earnings results on Thursday, October 24th. The company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.03. The company had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.85 billion. During the same quarter in the previous year, the company posted $1.65 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, analysts predict that 3M will post $6.60 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on MMM. Analysts at Zacks reiterated a “neutral” rating on shares of 3M in a research note to investors on Friday. They now have a $130.00 price target on the stock. Separately, analysts at Sanford C. Bernstein raised their price target on shares of 3M from $115.00 to $127.00 in a research note to investors on Tuesday, August 13th. They now have a “market perform” rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of 3M from $128.00 to $140.00 in a research note to investors on Friday, August 9th. They now have a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. 3M presently has a consensus rating of “Hold” and an average price target of $123.55.
3M Company (NYSE:MMM) is a diversified technology company with a presence in the industrial and transportation; health care; consumer and office; safety, security and protection services; display and graphics, and electro and communications businesses.
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