3M (NYSE:MMM) Price Target Cut to $110.00 by Analysts at JPMorgan Chase & Co.

3M (NYSE:MMM) had its target price reduced by JPMorgan Chase & Co. from $118.00 to $110.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the conglomerate’s stock.

Other equities research analysts have also recently issued reports about the company. Barclays reduced their target price on 3M from $126.00 to $107.00 and set an overweight rating on the stock in a report on Tuesday, April 2nd. StockNews.com raised 3M from a buy rating to a strong-buy rating in a research note on Tuesday. Royal Bank of Canada reduced their price objective on 3M from $84.00 to $78.00 and set an underperform rating on the stock in a research note on Tuesday, April 2nd. Wells Fargo & Company reduced their price objective 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, Mizuho reissued a neutral rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $104.00.

3M Price Performance

Shares of MMM stock opened at $92.35 on Wednesday. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The stock’s 50-day moving average price is $95.76 and its 200-day moving average price is $97.24.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same period in the previous year, the firm posted $2.28 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. Analysts expect that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.54%. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is -47.82%.

Insider Buying and Selling 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 stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

A number of large investors have recently modified their holdings of the company. KWB Wealth purchased a new stake in shares of 3M in the first quarter valued at approximately $281,000. Uncommon Cents Investing LLC raised its stake in 3M by 26.8% in the first quarter. Uncommon Cents Investing LLC now owns 24,834 shares of the conglomerate’s stock worth $2,634,000 after buying an additional 5,250 shares in the last quarter. Cornerstone Wealth Management LLC raised its stake in 3M by 4.0% in the first quarter. Cornerstone Wealth Management LLC now owns 7,597 shares of the conglomerate’s stock worth $806,000 after buying an additional 289 shares in the last quarter. Kovack Advisors Inc. raised its stake in 3M by 10.1% in the first quarter. Kovack Advisors Inc. now owns 26,591 shares of the conglomerate’s stock worth $2,821,000 after buying an additional 2,432 shares in the last quarter. Finally, Massachusetts Wealth Management raised its stake in 3M by 21.1% in the first quarter. Massachusetts Wealth Management now owns 10,689 shares of the conglomerate’s stock worth $1,134,000 after buying an additional 1,860 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.