3M (NYSE:MMM) Price Target Raised to $110.00

3M (NYSE:MMM) had its price objective boosted by Wells Fargo & Company from $100.00 to $110.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the conglomerate’s stock.

Several other equities analysts also recently issued reports on the stock. Wolfe Research raised shares of 3M from a peer perform rating to an outperform rating and set a $125.00 price objective on the stock in a research note on Thursday, June 13th. Barclays upped their price objective on shares of 3M from $112.00 to $118.00 and gave the company an overweight rating in a research note on Tuesday, May 28th. Royal Bank of Canada upped their price objective on shares of 3M from $78.00 to $87.00 and gave the company an underperform rating in a research note on Wednesday, May 1st. Bank of America raised shares of 3M from a neutral rating to a buy rating and upped their price objective for the company from $105.00 to $120.00 in a research note on Friday, June 7th. Finally, StockNews.com started coverage on shares of 3M in a research note on Thursday, June 6th. They set a buy rating on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $112.17.

3M Stock Up 0.8 %

MMM stock opened at $104.04 on Wednesday. The company’s 50 day simple moving average is $100.72 and its 200-day simple moving average is $98.95. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the prior year, the business earned $1.97 earnings per share. On average, sell-side analysts anticipate that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.69%. 3M’s payout ratio is -22.01%.

Hedge Funds Weigh In On 3M

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jade Capital Advisors LLC acquired a new position in shares of 3M during the 4th quarter valued at $4,373,000. MWA Asset Management purchased a new stake in 3M during the 4th quarter worth $1,723,000. Scarborough Advisors LLC purchased a new stake in 3M during the 4th quarter worth $978,000. Diversified Trust Co increased its stake in 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after buying an additional 263 shares during the period. Finally, KMG Fiduciary Partners LLC increased its stake in 3M by 2.2% during the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock worth $1,567,000 after buying an additional 311 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

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.