3M (NYSE:MMM) Price Target Raised to $183.00

3M (NYSE:MMM) had its target price raised by Wells Fargo & Company from $176.00 to $183.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the conglomerate’s stock.

A number of other analysts have also commented on MMM. Royal Bank Of Canada boosted their target price on 3M from $120.00 to $130.00 and gave the company an “underperform” rating in a research report on Wednesday. Barclays set a $170.00 price objective on 3M in a report on Friday, July 18th. JPMorgan Chase & Co. boosted their price objective on 3M from $175.00 to $178.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of 3M in a report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and a consensus price target of $172.67.

3M Stock Down 1.8%

Shares of MMM opened at $168.50 on Wednesday. The company has a market capitalization of $89.51 billion, a PE ratio of 26.92, a PEG ratio of 3.03 and a beta of 1.05. 3M has a 12 month low of $121.98 and a 12 month high of $172.85. The stock’s 50-day moving average price is $155.93 and its two-hundred day moving average price is $149.89. The company has a current ratio of 1.84, a quick ratio of 1.20 and a debt-to-equity ratio of 2.54.

3M (NYSE:MMM) last announced its earnings results on Tuesday, February 21st. The conglomerate reported $2.45 EPS for the quarter. The firm had revenue of $8.38 billion for the quarter. 3M had a return on equity of 98.47% and a net margin of 13.70%. On average, analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were issued a dividend of $0.73 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $2.92 dividend on an annualized basis and a yield of 1.7%. 3M’s dividend payout ratio is 46.65%.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the transaction, the chief accounting officer owned 2,561 shares of the company’s stock, valued at approximately $385,763.43. This represents a 57.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider directly owned 2,900 shares of the company’s stock, valued at $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Institutional Trading of 3M

Several hedge funds and other institutional investors have recently made changes to their positions in MMM. Invesco Ltd. boosted its stake in 3M by 0.7% during the 1st quarter. Invesco Ltd. now owns 4,498,809 shares of the conglomerate’s stock valued at $660,695,000 after purchasing an additional 30,260 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 3M by 10.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,198,538 shares of the conglomerate’s stock valued at $616,597,000 after acquiring an additional 414,160 shares during the period. Alliancebernstein L.P. raised its holdings in 3M by 23.1% during the first quarter. Alliancebernstein L.P. now owns 3,127,734 shares of the conglomerate’s stock valued at $459,339,000 after acquiring an additional 586,851 shares during the period. Goldman Sachs Group Inc. grew its position in shares of 3M by 6.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,122,020 shares of the conglomerate’s stock valued at $458,500,000 after purchasing an additional 199,944 shares in the last quarter. Finally, Amundi grew its position in shares of 3M by 20.7% during the first quarter. Amundi now owns 3,030,397 shares of the conglomerate’s stock valued at $423,471,000 after purchasing an additional 519,302 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.