Royal Bank of Canada Forecasts Strong Price Appreciation for 3M (NYSE:MMM) Stock

3M (NYSE:MMM - Get Free Report) had its price objective raised by stock analysts at Royal Bank of Canada from $98.00 to $100.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "underperform" rating on the conglomerate's stock. Royal Bank of Canada's target price would indicate a potential downside of 26.64% from the stock's current price.

MMM has been the topic of several other research reports. JPMorgan Chase & Co. decreased their price target on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Bank of America upped their price target on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Citigroup dropped their price objective on 3M from $152.00 to $142.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research report on Tuesday, April 8th. Two 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. According to data from MarketBeat, 3M has a consensus rating of "Moderate Buy" and a consensus target price of $147.00.

3M Price Performance

Shares of MMM stock traded down $0.02 during trading hours on Wednesday, hitting $136.31. 2,455,126 shares of the company's stock were exchanged, compared to its average volume of 4,173,820. The firm has a market cap of $73.51 billion, a P/E ratio of 18.05, a P/E/G ratio of 3.30 and a beta of 1.01. 3M has a fifty-two week low of $90.65 and a fifty-two week high of $156.35. The firm has a 50 day moving average of $143.82 and a two-hundred day moving average of $138.18. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. Sell-side analysts forecast that 3M will post 7.8 EPS for the current year.

Insider Activity

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company's stock, 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 SEC, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Financial Life Planners acquired a new position in shares of 3M during the fourth quarter worth about $25,000. Proficio Capital Partners LLC acquired a new position in shares of 3M during the 4th quarter worth $26,000. REAP Financial Group LLC lifted its holdings in shares of 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new position in shares of 3M during the 4th quarter worth approximately $27,000. Finally, Pinney & Scofield Inc. purchased a new stake in 3M in the 4th quarter valued at approximately $28,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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