Barclays Cuts 3M (NYSE:MMM) Price Target to $160.00

3M (NYSE:MMM - Get Free Report) had its price target dropped by research analysts at Barclays from $165.00 to $160.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the conglomerate's stock. Barclays's price target indicates a potential upside of 18.17% from the company's current price.

A number of other research firms have also recently issued reports on MMM. Royal Bank of Canada restated an "underperform" rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. JPMorgan Chase & Co. dropped their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $147.13.

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3M Stock Down 0.4 %

Shares of NYSE:MMM traded down $0.55 on Thursday, reaching $135.40. The company had a trading volume of 1,789,055 shares, compared to its average volume of 4,126,982. The stock has a market capitalization of $73.02 billion, a P/E ratio of 17.93, a P/E/G ratio of 3.30 and a beta of 1.01. The stock has a 50-day moving average price of $146.37 and a 200 day moving average price of $138.39. 3M has a twelve month low of $90.17 and a twelve month high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. During the same quarter in the prior year, the business earned $2.42 earnings per share. The company's revenue was down 25.0% on a year-over-year basis. On average, equities analysts expect that 3M will post 7.8 EPS for the current year.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the firm's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now directly owns 5,153 shares of the company's stock, valued at $774,238.25. This represents a 24.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last three months. Company insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in shares of 3M by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock valued at $1,493,655,000 after purchasing an additional 280,048 shares in the last quarter. Northern Trust Corp increased its stake in shares of 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock valued at $871,738,000 after buying an additional 755,155 shares during the period. Capital World Investors raised its position in shares of 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock valued at $734,456,000 after acquiring an additional 479,621 shares during the period. Finally, Norges Bank bought a new position in 3M in the fourth quarter valued at about $636,767,000. 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.