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

3M (NYSE:MMM) had its price target increased by Royal Bank of Canada from $98.00 to $100.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the conglomerate’s stock. Royal Bank of Canada’s price objective would indicate a potential downside of 28.00% from the company’s previous close.

Several other research analysts also recently weighed in on MMM. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Tuesday, April 8th. Citigroup lowered their price target on 3M from $152.00 to $142.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of 3M from $165.00 to $140.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus target price of $147.00.

3M Stock Up 2.1 %

NYSE MMM opened at $138.88 on Wednesday. 3M has a 52 week low of $90.65 and a 52 week high of $156.35. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The company has a market capitalization of $74.90 billion, a P/E ratio of 18.39, a price-to-earnings-growth ratio of 3.30 and a beta of 1.01. The stock’s 50-day moving average price is $143.38 and its 200-day moving average price is $138.19.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, equities research analysts predict that 3M will post 7.8 earnings per share for the current year.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now owns 5,153 shares of the company’s stock, valued at approximately $774,238.25. This represents a 24.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Victoria Clarke sold 1,750 shares of 3M 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 directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,736 shares of company stock worth $9,081,260 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wayfinding Financial LLC bought a new stake in shares of 3M during the fourth quarter worth $851,000. Franklin Resources Inc. lifted its holdings in 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after buying an additional 178,450 shares in the last quarter. Meyer Handelman Co. lifted its holdings in 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after buying an additional 2,678 shares in the last quarter. USA Financial Formulas bought a new position in 3M in the 4th quarter worth about $816,000. Finally, Braun Stacey Associates Inc. increased its position in shares of 3M by 18.4% during the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate’s stock worth $18,408,000 after acquiring an additional 22,203 shares during the period. 65.25% of the stock is owned by institutional investors.

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.