Brokerages Set 3M (NYSE:MMM) PT at $124.43

Shares of 3M (NYSE:MMM) have been assigned an average recommendation of “Hold” from the fourteen analysts that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $124.43.

MMM has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Bank of America lifted their price objective on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research report on Tuesday, July 30th.

Insiders Place Their Bets

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

A number of large investors have recently added to or reduced their stakes in MMM. Clifford Capital Partners LLC boosted its position in shares of 3M by 21.3% during the second quarter. Clifford Capital Partners LLC now owns 171,152 shares of the conglomerate’s stock worth $17,490,000 after buying an additional 30,009 shares during the period. Summit Wealth Partners LLC acquired a new position in 3M during the 2nd quarter worth approximately $202,000. Strategic Investment Solutions Inc. IL bought a new position in shares of 3M during the 2nd quarter worth approximately $43,000. Dana Investment Advisors Inc. raised its holdings in shares of 3M by 6.1% in the second quarter. Dana Investment Advisors Inc. now owns 14,275 shares of the conglomerate’s stock valued at $1,459,000 after purchasing an additional 820 shares during the last quarter. Finally, Ariadne Wealth Management LP bought a new stake in shares of 3M in the second quarter worth $245,000. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 0.7 %

Shares of NYSE:MMM opened at $134.76 on Monday. The company’s fifty day moving average is $124.63 and its 200-day moving average is $107.80. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52 week low of $71.12 and a 52 week high of $135.32. The company has a market capitalization of $74.57 billion, a PE ratio of -10.59, a P/E/G ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the previous year, the business earned $2.17 earnings per share. Equities research analysts predict that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

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.