3M (NYSE:MMM) Receives $167.08 Consensus Price Target from Brokerages

Shares of 3M (NYSE:MMM) have received a consensus recommendation of “Hold” from the fourteen ratings firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $167.08.

A number of brokerages have recently issued reports on MMM. Gordon Haskett upgraded shares of 3M from an “underperform” rating to a “hold” rating and set a $170.00 price target on the stock in a research report on Wednesday, October 7th. Credit Suisse Group boosted their price target on shares of 3M from $179.00 to $197.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. JPMorgan Chase & Co. boosted their price target on shares of 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 7th. Royal Bank of Canada boosted their price target on shares of 3M from $158.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 29th. Finally, Morgan Stanley boosted their price target on shares of 3M from $166.00 to $173.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 13th.

3M stock opened at $169.80 on Thursday. The company has a current ratio of 1.94, a quick ratio of 1.36 and a debt-to-equity ratio of 1.77. The company has a market capitalization of $97.81 billion, a PE ratio of 19.25, a P/E/G ratio of 2.13 and a beta of 0.97. 3M has a 12 month low of $114.04 and a 12 month high of $182.54. The stock has a 50-day moving average price of $165.71 and a two-hundred day moving average price of $157.06.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.01. The company had revenue of $7.18 billion during the quarter, compared to the consensus estimate of $7.29 billion. 3M had a return on equity of 46.86% and a net margin of 16.38%. The firm’s revenue was down 12.2% compared to the same quarter last year. During the same period last year, the company earned $2.20 earnings per share. As a group, analysts predict that 3M will post 8.37 earnings per share for the current fiscal year.

In other 3M news, SVP John Patrick Banovetz sold 2,228 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $164.81, for a total transaction of $367,196.68. Following the completion of the transaction, the senior vice president now owns 10,506 shares in the company, valued at $1,731,493.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the business. AE Wealth Management LLC increased its holdings in 3M by 18.4% during the 2nd quarter. AE Wealth Management LLC now owns 37,832 shares of the conglomerate’s stock worth $5,901,000 after acquiring an additional 5,887 shares during the period. AXA increased its holdings in shares of 3M by 15.4% in the first quarter. AXA now owns 430,552 shares of the conglomerate’s stock worth $58,775,000 after purchasing an additional 57,498 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of 3M by 4.7% in the third quarter. Envestnet Asset Management Inc. now owns 542,456 shares of the conglomerate’s stock worth $86,891,000 after purchasing an additional 24,299 shares during the period. APG Asset Management N.V. increased its holdings in shares of 3M by 7.0% in the first quarter. APG Asset Management N.V. now owns 1,002,788 shares of the conglomerate’s stock worth $136,891,000 after purchasing an additional 65,483 shares during the period. Finally, Mitchell Sinkler & Starr PA increased its holdings in shares of 3M by 8.9% in the second quarter. Mitchell Sinkler & Starr PA now owns 12,226 shares of the conglomerate’s stock worth $1,907,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 64.57% of the company’s stock.

About 3M

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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Analyst Recommendations for 3M (NYSE:MMM)

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