3M (NYSE:MMM) Given New $100.00 Price Target at Citigroup

3M (NYSE:MMM) had its price target boosted by Citigroup from $98.00 to $100.00 in a research note released on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the conglomerate’s stock.

Several other analysts have also commented on MMM. Mizuho reaffirmed a neutral rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Royal Bank of Canada upped their price objective on 3M from $78.00 to $87.00 and gave the company an underperform rating in a research note on Wednesday. Bank of America reduced their price objective on 3M from $110.00 to $100.00 and set a neutral rating for the company in a report on Tuesday, April 2nd. Wells Fargo & Company lowered their target price on 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. upgraded 3M from a neutral rating to an overweight rating and increased their price target for the stock from $110.00 to $111.00 in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $103.70.

3M Trading Up 0.4 %

NYSE:MMM opened at $97.16 on Wednesday. The firm has a 50-day moving average price of $96.05 and a two-hundred day moving average price of $97.54. The firm has a market cap of $53.76 billion, a price-to-earnings ratio of -7.64, a price-to-earnings-growth ratio of 2.17 and a beta of 1.00. 3M has a 52 week low of $71.12 and a 52 week high of $99.70. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.76 and a current ratio of 1.64.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analyst estimates 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 last year, the firm posted $1.97 EPS. On average, equities analysts expect that 3M will post 7.05 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. 3M’s dividend payout ratio is currently -47.48%.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. Norges Bank bought a new stake in shares of 3M during the 4th quarter valued at about $502,585,000. Pacer Advisors Inc. lifted its position in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of 3M by 157.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after buying an additional 1,103,459 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of 3M by 8,766.0% during the 4th quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after buying an additional 1,068,748 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

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.