Barclays Cuts 3M (MMM) Price Target to $190.00

3M (NYSE:MMM) had its target price decreased by Barclays from $195.00 to $190.00 in a report issued on Monday morning, The Fly reports. Barclays currently has an underweight rating on the conglomerate’s stock.

Several other research firms have also recently commented on MMM. Credit Suisse Group started coverage on 3M in a research note on Friday, October 12th. They issued an outperform rating and a $228.00 target price for the company. Zacks Investment Research raised 3M from a sell rating to a hold rating in a research note on Monday, October 29th. Citigroup lowered their target price on 3M from $251.00 to $228.00 and set a buy rating for the company in a research note on Wednesday, October 24th. Morgan Stanley started coverage on 3M in a research note on Monday, August 20th. They issued an equal weight rating and a $212.00 target price for the company. Finally, Deutsche Bank set a $206.00 target price on 3M and gave the company a hold rating in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $225.16.

MMM stock opened at $198.69 on Monday. 3M has a fifty-two week low of $181.98 and a fifty-two week high of $259.77. The firm has a market cap of $115.69 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 1.96 and a beta of 1.18. The company has a quick ratio of 1.36, a current ratio of 1.97 and a debt-to-equity ratio of 1.31.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.70 by ($0.12). The business had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.41 billion. 3M had a net margin of 13.79% and a return on equity of 54.60%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the business earned $2.33 earnings per share. As a group, equities research analysts expect that 3M will post 9.95 EPS for the current fiscal year.

3M declared that its board has initiated a stock buyback program on Tuesday, November 13th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be given a $1.36 dividend. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $5.44 annualized dividend and a dividend yield of 2.74%. 3M’s dividend payout ratio is currently 59.32%.

In other news, insider Eric D. Hammes sold 1,272 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $216.00, for a total value of $274,752.00. Following the transaction, the insider now directly owns 5,634 shares in the company, valued at approximately $1,216,944. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory R. Page purchased 1,000 shares of 3M stock in a transaction dated Friday, October 26th. The stock was bought at an average price of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the transaction, the director now directly owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. 0.58% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of MMM. Cadinha & Co. LLC lifted its holdings in shares of 3M by 3.9% in the second quarter. Cadinha & Co. LLC now owns 6,390 shares of the conglomerate’s stock valued at $1,257,000 after purchasing an additional 240 shares in the last quarter. Montecito Bank & Trust lifted its holdings in shares of 3M by 3.8% in the second quarter. Montecito Bank & Trust now owns 6,680 shares of the conglomerate’s stock valued at $1,314,000 after purchasing an additional 242 shares in the last quarter. Trust Department MB Financial Bank N A lifted its holdings in shares of 3M by 12.0% in the third quarter. Trust Department MB Financial Bank N A now owns 2,297 shares of the conglomerate’s stock valued at $484,000 after purchasing an additional 247 shares in the last quarter. REDW Stanley Financial Advisors LLC lifted its holdings in shares of 3M by 8.2% in the second quarter. REDW Stanley Financial Advisors LLC now owns 3,294 shares of the conglomerate’s stock valued at $648,000 after purchasing an additional 250 shares in the last quarter. Finally, Ascension Asset Management LLC lifted its holdings in shares of 3M by 3.3% in the second quarter. Ascension Asset Management LLC now owns 7,775 shares of the conglomerate’s stock valued at $1,529,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 66.23% of the company’s stock.

3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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