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

3M (NYSE:MMM) had its price target upped by Bank of America from $160.00 to $175.00 in a research report report published on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the conglomerate’s stock.

Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price target on shares of 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Tuesday, October 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research report on Saturday, January 18th. Finally, UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $148.87.

3M Trading Down 0.0 %

MMM opened at $149.61 on Wednesday. 3M has a one year low of $75.40 and a one year high of $152.08. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The business has a 50 day simple moving average of $132.43 and a two-hundred day simple moving average of $128.82. The firm has a market capitalization of $81.47 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5,770,390 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 earnings per share. Analysts predict that 3M will post 7.66 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 1.87%. 3M’s dividend payout ratio is 37.09%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Calamos Wealth Management LLC boosted its position in shares of 3M by 4.9% during the fourth quarter. Calamos Wealth Management LLC now owns 2,194 shares of the conglomerate’s stock valued at $283,000 after buying an additional 103 shares during the last quarter. Calamos Advisors LLC lifted its stake in 3M by 118.8% during the 4th quarter. Calamos Advisors LLC now owns 161,155 shares of the conglomerate’s stock valued at $20,803,000 after acquiring an additional 87,500 shares during the period. Columbus Macro LLC boosted its holdings in shares of 3M by 54.1% during the 4th quarter. Columbus Macro LLC now owns 18,590 shares of the conglomerate’s stock valued at $2,400,000 after acquiring an additional 6,525 shares during the last quarter. Dupree Financial Group LLC grew its stake in shares of 3M by 0.4% in the fourth quarter. Dupree Financial Group LLC now owns 27,791 shares of the conglomerate’s stock worth $3,588,000 after acquiring an additional 103 shares during the period. Finally, Childress Capital Advisors LLC raised its holdings in shares of 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock valued at $203,000 after purchasing an additional 76 shares during the last quarter. 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.