3M (NYSE:MMM) Stock Price Expected to Rise, Bank of America Analyst Says

3M (NYSE:MMM - Get Free Report) had its price objective increased by investment analysts at Bank of America from $175.00 to $179.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the conglomerate's stock. Bank of America's price objective suggests a potential upside of 20.92% from the company's previous close.

Several other brokerages also recently weighed in on MMM. JPMorgan Chase & Co. raised their target price on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Citigroup boosted their target price on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and increased their price target for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Weiss Ratings restated a "hold (c)" rating on shares of 3M in a research note on Wednesday, February 19th. Finally, Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $149.13.

3M Stock Up 0.3 %

Shares of NYSE:MMM traded up $0.42 during trading hours on Thursday, hitting $148.03. The company's stock had a trading volume of 544,966 shares, compared to its average volume of 4,291,914. The firm's fifty day moving average price is $143.87 and its 200 day moving average price is $135.96. 3M has a 52 week low of $76.86 and a 52 week high of $156.35. The company has a market capitalization of $80.37 billion, a price-to-earnings ratio of 19.59, a P/E/G ratio of 3.30 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the business posted $2.42 EPS. The business's revenue was down 25.0% compared to the same quarter last year. As a group, research analysts expect that 3M will post 7.8 EPS for the current year.

Insider Buying and Selling

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company's stock in a transaction dated 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. This represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

Several institutional investors and hedge funds have recently added to or reduced their stakes in MMM. Total Wealth Planning & Management Inc. purchased a new stake in shares of 3M during the fourth quarter worth about $1,741,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in 3M during the 4th quarter worth approximately $51,289,000. REAP Financial Group LLC increased its stake in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares in the last quarter. Chelsea Counsel Co. acquired a new position in shares of 3M during the fourth quarter valued at approximately $2,426,000. Finally, Bernard Wealth Management Corp. purchased a new position in shares of 3M in the fourth quarter valued at approximately $52,000. Hedge funds and other 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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