3M (NYSE:MMM) Price Target Raised to $175.00

3M (NYSE:MMM) had its target price increased by Bank of America from $160.00 to $175.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the conglomerate’s stock. Bank of America‘s price objective points to a potential upside of 16.94% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of 3M in a report on Saturday, January 18th. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Barclays dropped their target price on shares of 3M from $165.00 to $161.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. lowered their price target on shares of 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a report on Wednesday, January 15th. Finally, Royal Bank of Canada lowered their price target on shares of 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a report on Friday, January 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Trading Up 0.4 %

MMM stock opened at $149.64 on Wednesday. The company has a market capitalization of $81.49 billion, a PE ratio of 19.82, a P/E/G ratio of 2.42 and a beta of 0.95. 3M has a 12 month low of $75.40 and a 12 month high of $152.08. The firm’s 50-day moving average is $132.09 and its 200 day moving average is $128.67. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 97.19%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5,770,390 billion. During the same period in the prior year, the business earned $2.42 EPS. The firm’s quarterly revenue was down 25.0% on a year-over-year basis. On average, research analysts anticipate that 3M will post 7.66 EPS for the current year.

Institutional Trading of 3M

Several large investors have recently bought and sold shares of MMM. FMR LLC grew its stake in 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the period. Electron Capital Partners LLC purchased a new stake in shares of 3M in the 2nd quarter valued at approximately $76,732,000. Jennison Associates LLC purchased a new stake in shares of 3M in the 3rd quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP grew its stake in shares of 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after buying an additional 526,194 shares during the period. Hedge funds and other 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.