JPMorgan Chase & Co. Raises 3M (NYSE:MMM) Price Target to $165.00

3M (NYSE:MMM) had its target price hoisted by analysts at JPMorgan Chase & Co. from $160.00 to $165.00 in a report released on Monday, Benzinga reports. The firm presently has an “overweight” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 28.24% from the stock’s current price.

A number of other brokerages have also recently issued reports on MMM. Bank of America increased their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Barclays lifted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada upped their target price on shares of 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Citigroup lifted their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and a consensus price target of $139.27.

3M Price Performance

Shares of 3M stock traded up $3.91 during trading on Monday, hitting $128.66. 687,009 shares of the company’s stock traded hands, compared to its average volume of 4,927,154. The company has a market cap of $71.20 billion, a PE ratio of -10.11, a PEG ratio of 2.42 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a twelve month low of $73.15 and a twelve month high of $141.34. The firm’s fifty day moving average price is $133.00 and its 200 day moving average price is $114.18.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the prior year, the firm posted $2.68 EPS. 3M’s quarterly revenue was down 24.3% compared to the same quarter last year. Analysts forecast that 3M will post 7.26 earnings per share for the current year.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Catalyst Financial Partners LLC acquired a new position in shares of 3M during the 3rd quarter worth about $250,000. Financial Advocates Investment Management raised its holdings in 3M by 33.6% during the third quarter. Financial Advocates Investment Management now owns 5,645 shares of the conglomerate’s stock worth $772,000 after acquiring an additional 1,421 shares in the last quarter. First Trust Direct Indexing L.P. boosted its position in 3M by 9.3% during the third quarter. First Trust Direct Indexing L.P. now owns 13,279 shares of the conglomerate’s stock valued at $1,815,000 after purchasing an additional 1,131 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of 3M by 2.7% during the 3rd quarter. New York State Teachers Retirement System now owns 503,363 shares of the conglomerate’s stock worth $68,810,000 after purchasing an additional 13,315 shares during the last quarter. Finally, Golden State Equity Partners raised its stake in shares of 3M by 179.8% during the 3rd quarter. Golden State Equity Partners now owns 9,235 shares of the conglomerate’s stock worth $1,262,000 after purchasing an additional 5,934 shares in the last quarter. Institutional investors 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.