3M (NYSE:MMM) Price Target Lowered to $161.00 at Barclays

3M (NYSE:MMM) had its price target lowered by Barclays from $165.00 to $161.00 in a research report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the conglomerate’s stock.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada cut their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Mizuho boosted their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $144.33.

3M Stock Up 1.2 %

Shares of NYSE MMM opened at $134.34 on Wednesday. The firm has a market cap of $73.16 billion, a PE ratio of 16.96, a P/E/G ratio of 2.15 and a beta of 0.95. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The company’s fifty day simple moving average is $130.32 and its 200 day simple moving average is $126.05. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same period last 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 forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.08%. 3M’s dividend payout ratio is currently 35.35%.

Institutional Trading of 3M

Several institutional investors and hedge funds have recently made changes to their positions in the business. Lantz Financial LLC boosted its position in 3M by 8.0% in the 2nd quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate’s stock worth $252,000 after purchasing an additional 183 shares in the last quarter. Royal London Asset Management Ltd. grew its holdings in shares of 3M by 0.9% during the 2nd quarter. Royal London Asset Management Ltd. now owns 218,912 shares of the conglomerate’s stock worth $22,371,000 after purchasing an additional 1,957 shares during the period. Daiwa Securities Group Inc. boosted its holdings in 3M by 11.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 144,461 shares of the conglomerate’s stock valued at $14,762,000 after acquiring an additional 14,807 shares during the period. Van Hulzen Asset Management LLC boosted its stake in shares of 3M by 17.1% in the 2nd quarter. Van Hulzen Asset Management LLC now owns 2,330 shares of the conglomerate’s stock valued at $238,000 after buying an additional 341 shares during the period. Finally, Coldstream Capital Management Inc. increased its position in 3M by 14.3% during the second quarter. Coldstream Capital Management Inc. now owns 10,368 shares of the conglomerate’s stock worth $1,060,000 after buying an additional 1,299 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.