3M (NYSE:MMM) Price Target Lowered to $161.00 at Barclays

3M (NYSE:MMM - Get Free Report) had its target price lowered by Barclays from $165.00 to $161.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the conglomerate's stock. Barclays's target price would indicate a potential upside of 19.85% from the company's current price.

MMM has been the subject of a number of other reports. Wells Fargo & Company increased their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 price objective on the stock in a report on Tuesday, October 22nd. Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Finally, Melius upgraded shares of 3M from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, 3M currently has an average rating of "Moderate Buy" and a consensus price target of $144.33.

3M Stock Performance

NYSE:MMM traded up $1.57 during trading hours on Wednesday, reaching $134.34. The company had a trading volume of 4,675,096 shares, compared to its average volume of 3,299,902. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The firm has a market cap of $73.16 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 2.15 and a beta of 0.95. The firm's 50 day moving average price is $130.32 and its 200-day moving average price is $126.05.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period in the previous year, the business posted $2.68 earnings per share. The firm's quarterly revenue was down 24.3% compared to the same quarter last year. On average, analysts forecast that 3M will post 7.27 EPS for the current year.

Hedge Funds Weigh In On 3M

Large investors have recently added to or reduced their stakes in the company. Lantz Financial LLC raised its position in shares of 3M by 8.0% in the 2nd quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate's stock valued at $252,000 after purchasing an additional 183 shares during the last quarter. Royal London Asset Management Ltd. raised its stake in 3M by 0.9% in the 2nd quarter. Royal London Asset Management Ltd. now owns 218,912 shares of the conglomerate's stock worth $22,371,000 after acquiring an additional 1,957 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in 3M by 11.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 144,461 shares of the conglomerate's stock worth $14,762,000 after acquiring an additional 14,807 shares during the period. Van Hulzen Asset Management LLC grew its stake in 3M by 17.1% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 2,330 shares of the conglomerate's stock valued at $238,000 after purchasing an additional 341 shares during the last quarter. Finally, Coldstream Capital Management Inc. increased its holdings in shares of 3M by 14.3% in the second quarter. Coldstream Capital Management Inc. now owns 10,368 shares of the conglomerate's stock valued at $1,060,000 after purchasing an additional 1,299 shares during the period. 65.25% of the stock is currently owned by 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.