3M (NYSE:MMM) Given New $96.00 Price Target at Royal Bank of Canada

3M (NYSE:MMM) had its price objective lowered by research analysts at Royal Bank of Canada from $100.00 to $96.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “underperform” rating on the conglomerate’s stock. Royal Bank of Canada’s target price suggests a potential downside of 26.51% from the stock’s current price.

A number of other research firms also recently commented on MMM. Mizuho lifted their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. Finally, Bank of America upped their price target on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $144.60.

3M Price Performance

MMM traded up $0.93 on Friday, hitting $130.63. 609,958 shares of the company’s stock were exchanged, compared to its average volume of 1,895,725. The firm has a 50-day moving average price of $130.02 and a 200-day moving average price of $125.03. The stock has a market cap of $71.14 billion, a price-to-earnings ratio of 16.49, a P/E/G ratio of 2.15 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34.

3M (NYSE:MMM) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same period last year, the company earned $2.68 EPS. The company’s revenue for the quarter was down 24.3% on a year-over-year basis. As a group, equities analysts anticipate that 3M will post 7.27 earnings per share for the current year.

Hedge Funds Weigh In On 3M

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FSA Wealth Management LLC acquired a new position in 3M in the 3rd quarter worth $27,000. Daymark Wealth Partners LLC lifted its stake in shares of 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. boosted its holdings in 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. Meeder Asset Management Inc. grew its stake in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 269 shares in the last quarter. Finally, True Wealth Design LLC increased its holdings in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares during the last quarter. Hedge funds and other institutional investors 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.