3M (NYSE:MMM) PT Raised to $87.00

3M (NYSE:MMM) had its target price raised by investment analysts at Royal Bank of Canada from $78.00 to $87.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “underperform” rating on the conglomerate’s stock. Royal Bank of Canada’s price target points to a potential downside of 10.16% from the company’s current price.

Several other equities analysts also recently weighed in on the stock. Bank of America dropped their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. UBS Group raised their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Wells Fargo & Company decreased their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, Barclays decreased their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $103.70.

3M Stock Performance

Shares of MMM opened at $96.84 on Wednesday. The company has a 50-day simple moving average of $96.05 and a 200-day simple moving average of $97.54. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The company has a market capitalization of $53.59 billion, a PE ratio of -7.61, a P/E/G ratio of 2.13 and a beta of 1.00. 3M has a 52-week low of $71.12 and a 52-week high of $99.70.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same period last year, the firm posted $1.97 EPS. Equities research analysts predict that 3M will post 7.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in 3M by 15.4% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after buying an additional 14,775 shares in the last quarter. Shoker Investment Counsel Inc. lifted its position in 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after buying an additional 5,561 shares in the last quarter. MWA Asset Management acquired a new position in 3M during the fourth quarter valued at approximately $1,723,000. Diversified Trust Co lifted its position in 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after buying an additional 263 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of 3M during the third quarter valued at approximately $11,908,000. 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.