Wolfe Research Issues Positive Forecast for 3M (NYSE:MMM) Stock Price

by · The Markets Daily

3M (NYSE:MMM – Free Report) had its price objective hoisted by Wolfe Research from $187.00 to $197.00 in a report issued on Thursday,MarketScreener reports. Wolfe Research currently has an outperform rating on the conglomerate’s stock.

A number of other research analysts have also commented on the stock. Wells Fargo & Company upped their price target on shares of 3M from $176.00 to $183.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Barclays upped their target price on 3M from $172.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. JPMorgan Chase & Co. boosted their price target on 3M from $175.00 to $178.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Citigroup increased their price objective on 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on 3M from $177.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.10.

View Our Latest Analysis on 3M

3M Stock Performance

NYSE:MMM traded down $3.11 on Thursday, hitting $167.51. The company’s stock had a trading volume of 2,748,796 shares, compared to its average volume of 3,604,191. 3M has a one year low of $121.98 and a one year high of $172.85. The firm has a market capitalization of $88.99 billion, a P/E ratio of 26.76, a price-to-earnings-growth ratio of 2.90 and a beta of 1.06. The stock has a fifty day moving average of $159.21 and a two-hundred day moving average of $153.33. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54.

3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share for the quarter. 3M had a return on equity of 98.47% and a net margin of 13.70%.The business had revenue of $8.38 billion for the quarter. Research analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 14th. 3M’s dividend payout ratio is 46.65%.

Insider Buying and Selling at 3M

In other 3M news, EVP Mark W. Murphy sold 19,061 shares of the company’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $166.55, for a total value of $3,174,609.55. Following the completion of the transaction, the executive vice president owned 6,594 shares in the company, valued at $1,098,230.70. This represents a 74.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Zoe L. Dickson sold 13,826 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $169.78, for a total value of $2,347,378.28. Following the completion of the transaction, the executive vice president owned 6,162 shares in the company, valued at approximately $1,046,184.36. The trade was a 69.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 46,516 shares of company stock valued at $7,836,465. 0.34% of the stock is currently owned by insiders.

Institutional Trading of 3M

Several institutional investors and hedge funds have recently bought and sold shares of MMM. GFG Capital LLC bought a new position in shares of 3M in the second quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of 3M during the 1st quarter worth $28,000. WPG Advisers LLC purchased a new position in 3M in the first quarter worth $28,000. Saudi Central Bank bought a new position in 3M in the first quarter valued at $31,000. Finally, J.Safra Asset Management Corp bought a new position in shares of 3M during the 3rd quarter valued at $34,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

About 3M

(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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