3M (NYSE:MMM) Given New $152.00 Price Target at Citigroup

3M (NYSE:MMM - Free Report) had its target price lifted by Citigroup from $142.00 to $152.00 in a report released on Wednesday,Benzinga reports. Citigroup currently has a neutral rating on the conglomerate's stock.

Other equities research analysts have also recently issued reports about the company. Bank of America lifted their price objective on 3M from $160.00 to $175.00 and gave the company a "buy" rating in a research note on Wednesday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of 3M in a report on Saturday. JPMorgan Chase & Co. decreased their price target on 3M from $165.00 to $162.00 and set an "overweight" rating for the company in a report on Wednesday, January 15th. Royal Bank of Canada decreased their price target on 3M from $100.00 to $96.00 and set an "underperform" rating for the company in a report on Friday, January 3rd. Finally, Mizuho lifted their price target on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Two 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 stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $148.87.

3M Trading Up 1.5 %

MMM stock traded up $2.25 during midday trading on Wednesday, hitting $149.14. 7,076,527 shares of the company's stock were exchanged, compared to its average volume of 4,814,158. The business has a 50-day simple moving average of $131.73 and a two-hundred day simple moving average of $128.53. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $81.21 billion, a PE ratio of 18.83, a P/E/G ratio of 2.30 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $152.08.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5,770,390 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm's quarterly revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.42 earnings per share. On average, sell-side analysts predict that 3M will post 7.28 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Friday, November 15th. 3M's dividend payout ratio is presently 35.35%.

Institutional Investors Weigh In On 3M

A number of institutional investors and hedge funds have recently modified their holdings of MMM. Sei Investments Co. grew its holdings in shares of 3M by 6.7% in the 2nd quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate's stock worth $16,874,000 after acquiring an additional 10,309 shares during the period. Frank Rimerman Advisors LLC acquired a new stake in shares of 3M in the 2nd quarter worth approximately $387,000. Gabelli Funds LLC lifted its stake in 3M by 14.6% in the 2nd quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate's stock valued at $261,000 after buying an additional 325 shares in the last quarter. Public Sector Pension Investment Board raised its position in shares of 3M by 75.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate's stock worth $2,185,000 after buying an additional 9,160 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of 3M by 60.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 105,867 shares of the conglomerate's stock worth $10,819,000 after buying an additional 39,717 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

About 3M

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.