Citigroup Increases 3M (NYSE:MMM) Price Target to $100.00

3M (NYSE:MMM) had its price objective hoisted by Citigroup from $98.00 to $100.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the conglomerate’s stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada boosted their target price on 3M from $78.00 to $87.00 and gave the stock an underperform rating in a research report on Wednesday. Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a neutral rating for the company in a research report on Tuesday, April 2nd. Barclays decreased their target price on shares of 3M from $126.00 to $107.00 and set an overweight rating on the stock in a research report on Tuesday, April 2nd. Mizuho reiterated a neutral rating and issued a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. raised shares of 3M from a neutral rating to an overweight rating and boosted their price objective for the stock from $110.00 to $111.00 in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $103.70.

3M Price Performance

Shares of NYSE MMM opened at $97.15 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The stock has a fifty day moving average price of $96.14 and a 200 day moving average price of $97.59. 3M has a 1-year low of $71.12 and a 1-year high of $99.70.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter last year, the business earned $1.97 EPS. On average, research analysts anticipate that 3M will post 7.23 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.22%. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is presently -47.48%.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction 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 sale, the insider now directly 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 this hyperlink. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 3M

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in 3M by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after acquiring an additional 317,483 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of 3M by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after purchasing an additional 43,732 shares during the period. Norges Bank acquired a new position in 3M in the fourth quarter valued at $502,585,000. Bank of New York Mellon Corp lifted its position in 3M by 10.6% during the first quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after buying an additional 435,439 shares during the period. Finally, Invesco Ltd. boosted its stake in 3M by 2.4% in the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after buying an additional 94,864 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other 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.