3M (NYSE:MMM) Price Target Cut to $96.00 by Analysts at Royal Bank of Canada

3M (NYSE:MMM) had its target price cut by Royal Bank of Canada from $100.00 to $96.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an underperform rating on the conglomerate’s stock.

Several other analysts have also recently commented on MMM. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and upped their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley assumed coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. JPMorgan Chase & Co. increased their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company boosted their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.60.

3M Price Performance

MMM stock opened at $129.87 on Friday. The company has a market capitalization of $70.72 billion, a P/E ratio of 16.40, a PEG ratio of 2.15 and a beta of 0.95. The company has a fifty day moving average price of $130.12 and a 200-day moving average price of $125.41. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a 52-week low of $75.40 and a 52-week high of $141.34.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $6.06 billion. During the same period last year, the company earned $2.68 EPS. 3M’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, equities analysts expect that 3M will post 7.27 EPS for the current year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s payout ratio is currently 35.35%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MMM. Independent Solutions Wealth Management LLC raised its holdings in shares of 3M by 3.0% in the 3rd quarter. Independent Solutions Wealth Management LLC now owns 9,032 shares of the conglomerate’s stock worth $1,235,000 after acquiring an additional 267 shares during the last quarter. Principal Financial Group Inc. increased its holdings in 3M by 15.3% during the 3rd quarter. Principal Financial Group Inc. now owns 737,075 shares of the conglomerate’s stock worth $100,758,000 after purchasing an additional 97,741 shares in the last quarter. Old North State Trust LLC raised its stake in shares of 3M by 84.6% in the third quarter. Old North State Trust LLC now owns 3,805 shares of the conglomerate’s stock worth $520,000 after purchasing an additional 1,744 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after purchasing an additional 178,450 shares in the last quarter. Finally, Peapack Gladstone Financial Corp boosted its position in shares of 3M by 0.7% during the third quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate’s stock valued at $15,993,000 after buying an additional 830 shares during the last quarter. Institutional investors and hedge funds 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.