Credit Suisse Group Increases 3M (NYSE:MMM) Price Target to $194.00

3M (NYSE:MMM) had its price objective upped by equities researchers at Credit Suisse Group from $180.00 to $194.00 in a report released on Friday, July 26th, Marketbeat reports. The firm currently has an “outperform” rating on the conglomerate’s stock. Credit Suisse Group’s target price points to a potential upside of 19.05% from the stock’s current price. The analysts noted that the move was a valuation call.

A number of other equities analysts have also issued reports on MMM. UBS Group decreased their target price on shares of 3M from $201.00 to $182.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Gordon Haskett downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a report on Monday, April 29th. Wolfe Research set a $174.00 price target on shares of 3M and gave the company a “sell” rating in a report on Friday, April 26th. Morgan Stanley cut their price target on shares of 3M from $184.00 to $172.00 and set an “equal weight” rating for the company in a report on Friday, May 24th. Finally, Citigroup cut their price target on shares of 3M from $221.00 to $197.00 and set a “buy” rating for the company in a report on Monday, June 3rd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $182.54.

Shares of 3M stock traded up $1.45 during trading on Friday, hitting $162.95. 3,197,998 shares of the stock were exchanged, compared to its average volume of 2,815,814. The stock’s fifty day moving average is $169.96 and its 200 day moving average is $186.98. The stock has a market cap of $90.23 billion, a PE ratio of 15.58, a P/E/G ratio of 1.78 and a beta of 1.09. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. 3M has a 12 month low of $155.63 and a 12 month high of $219.75.

3M (NYSE:MMM) last released its quarterly earnings results on Thursday, July 25th. The conglomerate reported $2.20 EPS for the quarter, topping the consensus estimate of $2.04 by $0.16. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.59 earnings per share. Sell-side analysts anticipate that 3M will post 9.28 EPS for the current fiscal year.

In related news, insider John Patrick Banovetz sold 1,040 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $170.40, for a total value of $177,216.00. Following the transaction, the insider now owns 5,974 shares in the company, valued at $1,017,969.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.83% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in MMM. Kempen Capital Management N.V. acquired a new position in 3M during the second quarter valued at approximately $25,000. Creative Financial Designs Inc. ADV grew its stake in shares of 3M by 202.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 151 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 101 shares during the last quarter. Weaver Consulting Group acquired a new stake in shares of 3M in the first quarter worth $32,000. Cordasco Financial Network grew its stake in shares of 3M by 220.0% in the first quarter. Cordasco Financial Network now owns 160 shares of the conglomerate’s stock worth $33,000 after acquiring an additional 110 shares during the last quarter. Finally, Capital Financial Planning LLC acquired a new stake in shares of 3M in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 66.84% of the company’s stock.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Analyst Recommendations for 3M (NYSE:MMM)

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