Brokerages Set 3M Co (MMM) Target Price at $219.61

Shares of 3M Co (NYSE:MMM) have been given a consensus recommendation of “Hold” by the seventeen research firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $219.61.

Several brokerages have commented on MMM. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, December 19th. Barclays dropped their price target on shares of 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a research note on Monday, November 19th. Credit Suisse Group reiterated an “outperform” rating and issued a $220.00 price target (down from $230.00) on shares of 3M in a research note on Thursday, January 3rd. Royal Bank of Canada dropped their price target on shares of 3M to $223.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 24th. Finally, Argus dropped their price target on shares of 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th.

In other 3M news, Director Gregory R. Page bought 1,000 shares of the stock in a transaction dated Friday, October 26th. The shares were acquired at an average cost of $184.50 per share, for a total transaction of $184,500.00. Following the completion of the transaction, the director now owns 1,500 shares in the company, valued at approximately $276,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.72% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in MMM. IMS Capital Management purchased a new position in 3M in the 3rd quarter valued at $108,000. Arlington Partners LLC lifted its holdings in 3M by 177.8% in the fourth quarter. Arlington Partners LLC now owns 625 shares of the conglomerate’s stock valued at $119,000 after acquiring an additional 400 shares during the period. Vectors Research Management LLC acquired a new stake in 3M in the third quarter valued at $122,000. SRS Capital Advisors Inc. lifted its holdings in 3M by 1,652.8% in the second quarter. SRS Capital Advisors Inc. now owns 631 shares of the conglomerate’s stock valued at $124,000 after acquiring an additional 595 shares during the period. Finally, Price Capital Management Inc. acquired a new stake in 3M in the third quarter valued at $126,000. Institutional investors and hedge funds own 66.17% of the company’s stock.

Shares of NYSE:MMM opened at $192.21 on Friday. The company has a market capitalization of $111.97 billion, a P/E ratio of 20.96, a PEG ratio of 1.75 and a beta of 1.14. 3M has a fifty-two week low of $176.87 and a fifty-two week high of $259.77. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.70 by ($0.12). The firm had revenue of $8.15 billion during 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 firm’s revenue was down .2% compared to the same quarter last year. During the same period last year, the business earned $2.33 EPS. As a group, analysts predict that 3M will post 9.95 earnings per share for the current fiscal year.

3M declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 13th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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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Analyst Recommendations for 3M (NYSE:MMM)

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