Brokerages Set 3M (NYSE:MMM) PT at $111.58

3M (NYSE:MMM) has earned an average rating of “Hold” from the twelve brokerages that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $111.58.

MMM has been the topic of a number of research analyst reports. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. StockNews.com initiated coverage on 3M in a report on Thursday, June 6th. They set a “buy” rating on the stock. Vertical Research raised 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, Bank of America raised 3M from a “neutral” rating to a “buy” rating and increased their target price for the company from $105.00 to $120.00 in a report on Friday, June 7th.

Institutional Trading of 3M

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tributary Capital Management LLC purchased a new stake in 3M in the first quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. increased its position in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in 3M in the first quarter worth about $32,000. Livelsberger Financial Advisory purchased a new stake in shares of 3M during the fourth quarter worth about $35,000. Finally, CGC Financial Services LLC grew its position in shares of 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after purchasing an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Down 1.4 %

NYSE MMM opened at $99.70 on Wednesday. 3M has a 12 month low of $71.12 and a 12 month high of $106.04. The stock has a market cap of $55.17 billion, a P/E ratio of -7.84, a P/E/G ratio of 1.88 and a beta of 0.95. The stock’s fifty day moving average price is $100.39 and its 200-day moving average price is $98.98. 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 earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the prior year, the firm posted $1.97 earnings per share. As a group, equities analysts forecast that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

3M Company Profile

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.