JPMorgan Chase & Co. Forecasts Strong Price Appreciation for 3M (NYSE:MMM) Stock

3M (NYSE:MMM) had its target price lifted by JPMorgan Chase & Co. from $162.00 to $165.00 in a report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the conglomerate’s stock.

Several other research analysts have also issued reports on MMM. Bank of America increased their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research report on Wednesday. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. Barclays boosted their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday. Citigroup increased their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research note on Saturday, January 18th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

3M Stock Performance

Shares of MMM stock opened at $149.14 on Wednesday. The firm has a market capitalization of $81.21 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 2.30 and a beta of 0.95. The stock has a fifty day moving average of $131.73 and a 200 day moving average of $128.53. 3M has a 52 week low of $75.40 and a 52 week high of $152.08. 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 announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5,770,390 billion. During the same quarter in the previous year, the firm posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% compared to the same quarter last year. As a group, research analysts expect that 3M will post 7.28 earnings per share for the current year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Institutional Investors Weigh In On 3M

Institutional investors have recently modified their holdings of the business. D.A. Davidson & CO. lifted its stake in 3M by 16.2% during the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after acquiring an additional 20,421 shares during the period. Franklin Resources Inc. raised its holdings in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after purchasing an additional 178,450 shares during the last quarter. Meyer Handelman Co. lifted its position in 3M by 1.4% during the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after purchasing an additional 2,678 shares during the period. Ballentine Partners LLC boosted its holdings in 3M by 40.1% in the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after purchasing an additional 5,210 shares during the last quarter. Finally, Stonegate Investment Group LLC grew its position in 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after purchasing an additional 13,473 shares during the period. 65.25% of the stock is 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.