3M (NYSE:MMM) Price Target Lowered to $162.00 at JPMorgan Chase & Co.

3M (NYSE:MMM - Free Report) had its price target decreased by JPMorgan Chase & Co. from $165.00 to $162.00 in a report released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the conglomerate's stock.

MMM has been the subject of several other reports. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and increased their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Royal Bank of Canada dropped their price objective on 3M from $100.00 to $96.00 and set an "underperform" rating for the company in a research note on Friday, January 3rd. Bank of America lifted their target price on shares of 3M from $143.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the company a "neutral" rating in a research report on Thursday, October 17th. Finally, Melius Research raised shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $144.13.

3M Price Performance

MMM traded up $0.86 during midday trading on Wednesday, hitting $138.07. The stock had a trading volume of 2,933,336 shares, compared to its average volume of 3,610,671. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The business has a fifty day moving average of $130.90 and a 200 day moving average of $127.12. The company has a market cap of $75.19 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

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

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.03%. 3M's payout ratio is currently 35.35%.

Institutional Investors Weigh In On 3M

Several hedge funds have recently added to or reduced their stakes in MMM. FMR LLC boosted its stake in 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate's stock worth $1,225,087,000 after purchasing an additional 4,212,409 shares in the last quarter. International Assets Investment Management LLC raised its holdings in 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock worth $172,416,000 after buying an additional 1,250,491 shares during the last quarter. Electron Capital Partners LLC bought a new position in shares of 3M in the second quarter worth approximately $76,732,000. Jennison Associates LLC purchased a new stake in shares of 3M during the third quarter valued at approximately $82,208,000. Finally, Parsifal Capital Management LP increased its position in shares of 3M by 179.0% during the third quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate's stock valued at $112,107,000 after acquiring an additional 526,194 shares in the last quarter. 65.25% of the stock is 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.