3M (NYSE:MMM) Price Target Raised to $179.00 at Bank of America

3M (NYSE:MMM - Free Report) had its price target boosted by Bank of America from $175.00 to $179.00 in a research note released on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the conglomerate's stock.

Several other analysts also recently weighed in on MMM. UBS Group upgraded shares of 3M from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Royal Bank of Canada reiterated an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Citigroup lifted their price objective on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Barclays lifted 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. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of 3M in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $149.13.

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3M Stock Performance

Shares of 3M stock traded down $0.59 during trading hours on Thursday, reaching $146.36. The company's stock had a trading volume of 5,891,015 shares, compared to its average volume of 4,315,292. The company's 50 day simple moving average is $144.51 and its 200 day simple moving average is $136.23. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. 3M has a one year low of $78.14 and a one year high of $156.35. The stock has a market cap of $79.46 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM - Get Free Report) last posted its quarterly 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 net margin of 15.71% and a return on equity of 100.77%. The company 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 firm posted $2.42 EPS. The company's revenue for the quarter was down 25.0% on a year-over-year basis. As a group, analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th will be paid a $0.73 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.00%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 38.68%.

Insider Transactions 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 transaction, the insider now directly owns 5,024 shares of the company's stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M 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 directly owns 4,417 shares in the company, valued at approximately $662,329.15. This trade represents a 34.33 % 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 valued at $17,163,446 in the last quarter. Insiders own 0.34% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Financial Life Planners acquired a new stake in shares of 3M during the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new stake in shares of 3M during the fourth quarter worth approximately $26,000. REAP Financial Group LLC boosted its holdings in shares of 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. FSA Wealth Management LLC acquired a new stake in shares of 3M during the third quarter worth approximately $27,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the fourth quarter worth approximately $27,000. 65.25% of the stock is owned by hedge funds and other 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.