3M (NYSE:MMM) Price Target Lowered to $162.00 at JPMorgan Chase & Co.

3M (NYSE:MMM) had its price objective trimmed by JPMorgan Chase & Co. from $165.00 to $162.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the conglomerate’s stock.

Several other analysts also recently issued reports on MMM. Mizuho upped their price target on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their price target for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Tuesday, October 22nd. Barclays decreased their target price on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $144.13.

3M Trading Up 0.3 %

Shares of NYSE MMM opened at $138.20 on Wednesday. 3M has a 12 month low of $75.40 and a 12 month high of $141.34. The company has a market cap of $75.26 billion, a price-to-earnings ratio of 17.45, a P/E/G ratio of 2.01 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 business has a fifty day simple moving average of $130.90 and a 200-day simple moving average of $127.12.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the business posted $2.68 earnings per share. 3M’s revenue was down 24.3% compared to the same quarter last year. Sell-side analysts predict that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.03%. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Hedge Funds Weigh In On 3M

A number of hedge funds have recently added to or reduced their stakes in MMM. FSA Wealth Management LLC acquired a new stake in shares of 3M during the 3rd quarter valued at $27,000. Daymark Wealth Partners LLC boosted its holdings in shares of 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its holdings in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares in the last quarter. ORG Partners LLC boosted its holdings in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after acquiring an additional 98 shares in the last quarter. Finally, True Wealth Design LLC boosted its holdings in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

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.