Barclays Issues Pessimistic Forecast for 3M (NYSE:MMM) Stock Price

3M (NYSE:MMM) had its price objective lowered by equities research analysts at Barclays from $165.00 to $161.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the conglomerate’s stock. Barclays‘s price objective points to a potential upside of 21.43% from the stock’s current price.

Several other research analysts have also recently commented on MMM. JPMorgan Chase & Co. boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Royal Bank of Canada reduced their target price on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research note on Friday, January 3rd. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their price objective for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Finally, Mizuho boosted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, 3M presently has an average rating of “Moderate Buy” and an average target price of $144.33.

3M Stock Performance

3M stock opened at $132.59 on Wednesday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. 3M has a one year low of $75.40 and a one year high of $141.34. The stock’s 50 day moving average price is $130.18 and its 200 day moving average price is $126.00. The firm has a market capitalization of $72.20 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period in the prior year, the firm earned $2.68 earnings per share. The business’s quarterly revenue was down 24.3% compared to the same quarter last year. As a group, sell-side analysts expect that 3M will post 7.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. FSA Wealth Management LLC acquired a new position in shares of 3M during the third quarter valued at $27,000. Daymark Wealth Partners LLC lifted its position in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. boosted its stake in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the period. Meeder Asset Management Inc. grew its position in 3M by 689.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 269 shares during the last quarter. Finally, True Wealth Design LLC increased its stake in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares during the period. 65.25% of the stock is currently owned by institutional investors.

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.