3M (NYSE:MMM) Given New $87.00 Price Target at Royal Bank of Canada

3M (NYSE:MMM) had its price objective raised by Royal Bank of Canada from $78.00 to $87.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have an underperform rating on the conglomerate’s stock.

Several other analysts also recently issued reports on the stock. Mizuho reissued a neutral rating and set a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Wells Fargo & Company dropped their price target on 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a research report on Wednesday, January 24th. JPMorgan Chase & Co. upgraded 3M from a neutral rating to an overweight rating and raised their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday. StockNews.com upgraded 3M from a buy rating to a strong-buy rating in a report on Thursday, April 25th. Finally, Bank of America reduced their price target on shares of 3M from $110.00 to $100.00 and set a neutral rating for the company in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $103.70.

3M Trading Up 2.0 %

NYSE:MMM opened at $98.42 on Wednesday. The stock has a fifty day simple moving average of $95.96 and a 200 day simple moving average of $97.55. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm has a market capitalization of $54.46 billion, a price-to-earnings ratio of -7.74, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. 3M has a 1-year low of $71.12 and a 1-year high of $99.70.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the company posted $1.97 earnings per share. Sell-side analysts forecast that 3M will post 7.05 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 6.14%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is currently -47.48%.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Tributary Capital Management LLC acquired a new position in 3M during the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares during the period. Northwest Investment Counselors LLC acquired a new position in 3M in the 1st quarter valued at $32,000. Briaud Financial Planning Inc acquired a new position in 3M during the third quarter worth $35,000. Finally, Livelsberger Financial Advisory bought a new position in shares of 3M during the fourth quarter valued at $35,000. 65.25% of the stock is owned by institutional investors.

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.