3M (NYSE:MMM) PT Lowered to $179.00

3M (NYSE:MMM) had its target price lowered by Credit Suisse Group from $180.00 to $179.00 in a research report report published on Wednesday, BenzingaRatingsTable reports. The firm currently has an outperform rating on the conglomerate’s stock.

Several other analysts have also recently commented on the stock. Zacks Investment Research raised shares of 3M from a sell rating to a hold rating and set a $133.00 target price for the company in a research note on Thursday, April 30th. Barclays increased their target price on 3M from $156.00 to $157.00 and gave the stock an underweight rating in a research report on Wednesday. Bank of America lifted their price target on 3M from $165.00 to $170.00 and gave the company a neutral rating in a report on Wednesday, April 29th. Morgan Stanley increased their price objective on shares of 3M from $160.00 to $166.00 and gave the stock an equal weight rating in a report on Wednesday. Finally, Citigroup boosted their target price on shares of 3M from $146.00 to $170.00 and gave the company a neutral rating in a report on Wednesday, April 29th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $164.15.

3M stock traded down $1.65 during midday trading on Wednesday, reaching $150.47. 3,266,644 shares of the company were exchanged, compared to its average volume of 2,588,002. The firm’s 50-day simple moving average is $156.57 and its 200-day simple moving average is $153.55. 3M has a 1 year low of $114.04 and a 1 year high of $182.54. The company has a market capitalization of $87.62 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 1.96 and a beta of 0.99. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.19 and a current ratio of 1.94.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, July 28th. The conglomerate reported $1.78 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.77 by $0.01. The company had revenue of $7.18 billion for the quarter, compared to analysts’ expectations of $7.29 billion. 3M had a net margin of 16.38% and a return on equity of 46.86%. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. During the same period last year, the company earned $2.20 EPS. On average, analysts forecast that 3M will post 8.15 EPS for the current fiscal year.

In other 3M news, SVP Ty R. Silberhorn sold 14,623 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $146.46, for a total value of $2,141,684.58. Following the completion of the transaction, the senior vice president now owns 16,571 shares in the company, valued at approximately $2,426,988.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Khandpur K. Ashish sold 3,605 shares of 3M stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $146.85, for a total transaction of $529,394.25. Following the sale, the executive vice president now owns 19,193 shares in the company, valued at approximately $2,818,492.05. The disclosure for this sale can be found here. Insiders sold 32,290 shares of company stock worth $4,757,036 over the last three months. 0.42% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Tsfg LLC increased its holdings in 3M by 52.7% during the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock worth $27,000 after purchasing an additional 69 shares during the last quarter. PARK CIRCLE Co bought a new stake in shares of 3M in the 1st quarter worth about $27,000. Cascade Investment Advisors Inc. acquired a new position in 3M in the first quarter worth about $28,000. Stonebridge Financial Planning Group LLC increased its holdings in 3M by 211.3% in the first quarter. Stonebridge Financial Planning Group LLC now owns 221 shares of the conglomerate’s stock valued at $33,000 after buying an additional 150 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. acquired a new stake in 3M during the fourth quarter valued at approximately $36,000. 65.67% of the stock is owned by hedge funds and other institutional investors.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Analyst Recommendations for 3M (NYSE:MMM)

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