3M Company (NYSE:MMM) Receives $172.67 Consensus Price Target from Brokerages

Shares of 3M Company (NYSE:MMM) have received a consensus rating of “Moderate Buy” from the eleven ratings firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $175.10.

Several brokerages recently weighed in on MMM. UBS Group increased their price objective on shares of 3M from $184.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Citigroup increased their price target on 3M from $160.00 to $169.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Wells Fargo & Company raised their price target on 3M from $176.00 to $183.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. Morgan Stanley set a $160.00 price objective on 3M and gave the company an “equal weight” rating in a report on Tuesday, October 21st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of 3M in a report on Wednesday, October 8th.

3M Trading Down 1.4%

MMM stock opened at $165.29 on Friday. 3M has a 1-year low of $121.98 and a 1-year high of $172.85. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54. The business’s 50 day moving average is $159.44 and its 200-day moving average is $153.73. The firm has a market cap of $87.81 billion, a P/E ratio of 26.40, a P/E/G ratio of 2.90 and a beta of 1.06.

3M (NYSE:MMM) last announced its earnings results on Tuesday, February 21st. The conglomerate reported $2.45 EPS for the quarter. The business had revenue of $8.38 billion for the quarter. 3M had a return on equity of 98.47% and a net margin of 13.70%. Equities analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, November 14th. 3M’s payout ratio is presently 46.65%.

Insider Buying and Selling

In related news, EVP Mark W. Murphy sold 19,061 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 6,594 shares in the company, valued at approximately $1,098,230.70. The trade was a 74.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 13,826 shares of the business’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 transaction of $2,347,378.28. Following the completion of the transaction, the executive vice president owned 6,162 shares of the company’s stock, valued at $1,046,184.36. The trade was a 69.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 46,516 shares of company stock worth $7,836,465. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Nippon Life Global Investors Americas Inc. raised its position in shares of 3M by 1.8% in the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate’s stock worth $63,128,000 after acquiring an additional 7,620 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in 3M by 12.0% during the 2nd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 40,875 shares of the conglomerate’s stock worth $6,218,000 after purchasing an additional 4,384 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in 3M by 15.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 12,137 shares of the conglomerate’s stock valued at $1,848,000 after acquiring an additional 1,652 shares in the last quarter. Aegis Wealth Management LLC grew its position in 3M by 50.8% in the 1st quarter. Aegis Wealth Management LLC now owns 13,101 shares of the conglomerate’s stock worth $1,924,000 after purchasing an additional 4,411 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of 3M during the first quarter valued at approximately $68,822,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

About 3M

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.