3M (NYSE:MMM) Stock Price Expected to Rise, Citigroup Analyst Says
Citigroup has raised its price target for 3M (NYSE:MMM) from $141 to $160, maintaining a "neutral" rating. This suggests a potential upside of 7.56% from the current price. Other analysts have varied ratings, with some suggesting a buy and others an underperform. The stock recently traded at $148.76, with a market cap of $80.06 billion. 3M reported earnings of $1.88 per share, exceeding estimates, and has a consensus target price of $153.46.
3M (NYSE:MMM - Get Free Report) had its price target boosted by investment analysts at Citigroup from $141.00 to $160.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the conglomerate's stock. Citigroup's price target indicates a potential upside of 7.56% from the stock's current price.
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Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price objective on 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Barclays boosted their price target on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a research note on Wednesday, April 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, May 24th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $153.46.
Get Our Latest Stock Report on MMM
3M Price Performance
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NYSE:MMM traded down $0.87 during mid-day trading on Friday, reaching $148.76. 1,114,525 shares of the company were exchanged, compared to its average volume of 3,950,470. The stock has a market cap of $80.06 billion, a PE ratio of 19.70, a PEG ratio of 3.30 and a beta of 1.02. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. 3M has a 12 month low of $96.89 and a 12 month high of $156.35. The company has a fifty day moving average of $141.44 and a 200 day moving average of $140.56.
3M (NYSE:MMM - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. On average, research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.
Insider Buying and Selling
- 3M to Hit $175 by Mid-Year, and Higher Highs Are Likely
In related news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president now directly owns 6,127 shares of the company's stock, valued at $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president now owns 31,372 shares in the company, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in 3M by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after purchasing an additional 280,048 shares during the period. Northern Trust Corp lifted its holdings in 3M by 12.6% in the fourth quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after acquiring an additional 755,155 shares during the last quarter. Capital World Investors lifted its holdings in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after buying an additional 479,621 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of 3M during the fourth quarter valued at approximately $636,767,000. 65.25% of the stock is owned by hedge funds and other institutional investors.
3M Company Profile
(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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