3M (NYSE:MMM) Given New $161.00 Price Target at Barclays

by · The Markets Daily

3M (NYSE:MMM – Free Report) had its price objective cut by Barclays from $165.00 to $161.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the conglomerate’s stock.

MMM has been the subject of a number of other reports. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, October 22nd. Mizuho increased their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Melius raised 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Bank of America raised their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.33.

Check Out Our Latest Research Report on MMM

3M Price Performance

Shares of MMM stock opened at $131.13 on Wednesday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The firm has a market capitalization of $71.41 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.15 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The stock’s 50-day simple moving average is $130.51 and its 200-day simple moving average is $126.31.

3M (NYSE:MMM – Get Free Report) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 earnings per share. The company’s revenue was down 24.3% compared to the same quarter last year. As a group, equities analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s payout ratio is presently 35.35%.

Institutional Investors Weigh In On 3M

Several hedge funds and other institutional investors have recently made changes to their positions in MMM. FMR LLC raised its position in shares of 3M by 88.7% during the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC increased its position in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock worth $172,416,000 after buying an additional 1,250,491 shares during the period. Electron Capital Partners LLC acquired a new position in 3M during the second quarter worth approximately $76,732,000. Jennison Associates LLC acquired a new position in 3M during the third quarter worth approximately $82,208,000. Finally, Parsifal Capital Management LP increased its position in 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock worth $112,107,000 after buying an additional 526,194 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Company Profile

(Get Free Report)

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.

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