3M (NYSE:MMM) PT Raised to $95.00 at Royal Bank of Canada

3M (NYSE:MMM) had its price objective hoisted by investment analysts at Royal Bank of Canada from $93.00 to $95.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “underperform” rating on the conglomerate’s stock. Royal Bank of Canada’s target price indicates a potential downside of 23.75% from the company’s current price.

MMM has been the topic of a number of other research reports. StockNews.com began coverage on 3M in a research report on Thursday, June 6th. They set a “buy” rating on the stock. Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Citigroup raised their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $150.00 in a report on Monday. Finally, Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a report on Thursday, June 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.69.

3M Stock Performance

NYSE:MMM traded down $2.57 during mid-day trading on Monday, hitting $124.59. The company’s stock had a trading volume of 3,591,435 shares, compared to its average volume of 5,401,906. The business’s fifty day moving average is $102.05 and its two-hundred day moving average is $98.69. The stock has a market cap of $68.94 billion, a price-to-earnings ratio of -9.79, a PEG ratio of 2.36 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a 1 year low of $71.12 and a 1 year high of $128.49.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the previous year, the firm posted $2.17 EPS. Analysts anticipate that 3M will post 7.19 EPS for the current fiscal year.

Hedge Funds Weigh In On 3M

Several institutional investors have recently added to or reduced their stakes in the business. Jade Capital Advisors LLC acquired a new position in shares of 3M during the 4th quarter valued at $4,373,000. MWA Asset Management acquired a new stake in 3M during the fourth quarter valued at approximately $1,723,000. Scarborough Advisors LLC acquired a new position in 3M in the fourth quarter worth $978,000. KMG Fiduciary Partners LLC grew its holdings in shares of 3M by 2.2% during the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after purchasing an additional 311 shares during the last quarter. Finally, Norden Group LLC boosted its holdings in shares of 3M by 1,381.0% during the first quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock valued at $6,930,000 after acquiring an additional 60,929 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.