3M (NYSE:MMM) Price Target Raised to $164.00 at Barclays

3M (NYSE:MMM - Get Free Report) had its price objective boosted by research analysts at Barclays from $160.00 to $164.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the conglomerate's stock. Barclays's target price suggests a potential upside of 16.20% from the stock's current price.

MMM has been the topic of a number of other reports. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. JPMorgan Chase & Co. cut their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Bank of America raised their target price on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Finally, Citigroup cut their target price on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $146.73.

3M Price Performance

NYSE:MMM opened at $141.13 on Wednesday. The stock has a market capitalization of $76.11 billion, a PE ratio of 18.69, a P/E/G ratio of 3.30 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. 3M has a 1-year low of $90.65 and a 1-year high of $156.35. The firm has a fifty day simple moving average of $143.82 and a 200 day simple moving average of $138.18.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. On average, research analysts expect that 3M will post 7.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at $662,329.15. This represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of 3M

Several large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of 3M during the 4th quarter valued at $636,767,000. Invesco Ltd. raised its position in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after buying an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. purchased a new stake in 3M during the fourth quarter valued at approximately $175,110,000. Capital World Investors boosted its stake in shares of 3M by 25.4% during the 4th 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. Finally, Amundi lifted its stake in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after buying an additional 898,244 shares in the last quarter. 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.

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