Wells Fargo & Company Trims 3M (NYSE:MMM) Target Price to $115.00

3M (NYSE:MMMGet Rating) had its price objective reduced by equities research analysts at Wells Fargo & Company from $125.00 to $115.00 in a note issued to investors on Wednesday, The Fly reports.

MMM has been the subject of several other reports. Mizuho lowered their price objective on 3M from $140.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, October 26th. Deutsche Bank Aktiengesellschaft raised their price objective on 3M from $126.00 to $127.00 in a research note on Wednesday, October 26th. UBS Group lowered their price objective on 3M from $124.00 to $115.00 in a research note on Wednesday. Credit Suisse Group lowered their price objective on 3M to $127.00 in a research note on Thursday, October 27th. Finally, Morgan Stanley raised their price objective on 3M from $108.00 to $110.00 and gave the company an “underweight” rating in a research note on Wednesday, October 26th. Three research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $131.71.

3M Price Performance

Shares of 3M stock opened at $115.00 on Wednesday. The stock has a 50 day moving average of $124.56 and a 200 day moving average of $126.19. 3M has a 12 month low of $102.58 and a 12 month high of $175.25. The firm has a market cap of $63.57 billion, a PE ratio of 10.02, a PEG ratio of 1.27 and a beta of 1.00. The company has a current ratio of 1.56, a quick ratio of 0.97 and a debt-to-equity ratio of 0.98.

3M (NYSE:MMMGet Rating) last announced its quarterly earnings results on Tuesday, January 24th. The conglomerate reported $2.28 EPS for the quarter, missing analysts’ consensus estimates of $2.38 by ($0.10). 3M had a net margin of 18.91% and a return on equity of 40.03%. The firm had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the previous year, the company posted $2.31 earnings per share. 3M’s quarterly revenue was down 5.9% on a year-over-year basis. On average, research analysts expect that 3M will post 10.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other 3M news, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the firm’s stock in a transaction on Friday, October 28th. The stock was sold at an average price of $126.28, for a total transaction of $135,245.88. Following the transaction, the senior vice president now directly owns 3,313 shares in the company, valued at approximately $418,365.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Kevin H. Rhodes sold 5,703 shares of 3M stock in a transaction on Friday, October 28th. The stock was sold at an average price of $126.40, for a total value of $720,859.20. Following the transaction, the executive vice president now directly owns 2,033 shares in the company, valued at approximately $256,971.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of 3M stock in a transaction on Friday, October 28th. The shares were sold at an average price of $126.28, for a total value of $135,245.88. Following the completion of the transaction, the senior vice president now owns 3,313 shares in the company, valued at $418,365.64. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. MADDEN SECURITIES Corp purchased a new position in shares of 3M in the 4th quarter valued at $25,000. Piershale Financial Group Inc. acquired a new stake in shares of 3M in the 4th quarter worth $29,000. Better Money Decisions LLC acquired a new stake in shares of 3M in the 2nd quarter worth $34,000. Heritage Wealth Management LLC acquired a new stake in shares of 3M in the 2nd quarter worth $41,000. Finally, Prentice Wealth Management LLC acquired a new stake in shares of 3M in the 2nd quarter worth $45,000. 65.61% of the stock is currently owned by hedge funds and other institutional investors.

About 3M

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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