Analysts Set 3M (NYSE:MMM) PT at $148.87

3M (NYSE:MMM) has been assigned an average rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and twelve have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $148.87.

A number of equities analysts have issued reports on MMM shares. Bank of America lifted their target price on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Barclays upped their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Citigroup upped their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a research report on Wednesday. Finally, Royal Bank of Canada restated an “underperform” rating and issued a $96.00 target price on shares of 3M in a report on Wednesday, January 22nd.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock worth $17,163,446 in the last three months. 0.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 3M

Several hedge funds have recently modified their holdings of MMM. Financial Life Planners acquired a new position in shares of 3M during the fourth quarter worth $25,000. Proficio Capital Partners LLC purchased a new stake in 3M during the 4th quarter worth $26,000. FSA Wealth Management LLC acquired a new position in 3M in the 3rd quarter worth $27,000. Hazlett Burt & Watson Inc. purchased a new position in 3M in the 4th quarter valued at about $27,000. Finally, Pinney & Scofield Inc. acquired a new stake in shares of 3M during the fourth quarter valued at about $28,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

Shares of NYSE:MMM opened at $150.11 on Thursday. 3M has a 12 month low of $75.40 and a 12 month high of $155.00. The firm has a market capitalization of $81.49 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 3.29 and a beta of 0.96. The business’s 50 day simple moving average is $139.94 and its 200-day simple moving average is $134.31. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.42 earnings per share. As a group, equities analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is 38.68%.

About 3M

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.