3M (NYSE:MMM) Price Target Raised to $197.00 at Wolfe Research

3M (NYSE:MMM) had its price objective lifted by research analysts at Wolfe Research from $187.00 to $197.00 in a report issued on Thursday,MarketScreener reports. The firm currently has an “outperform” rating on the conglomerate’s stock. Wolfe Research’s price target points to a potential upside of 17.60% from the stock’s previous close.

A number of other brokerages have also weighed in on MMM. Citigroup lifted their target price on shares of 3M from $160.00 to $169.00 and gave the company a “neutral” rating in a research note on Thursday, October 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of 3M in a research note on Wednesday, October 8th. UBS Group boosted their target price on 3M from $184.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Barclays lifted their target price on 3M from $172.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Finally, Wells Fargo & Company raised their price target on 3M from $176.00 to $183.00 and gave the stock an “overweight” rating in a report on Wednesday, October 22nd. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $175.10.

3M Trading Down 1.8%

Shares of MMM stock traded down $3.11 during mid-day trading on Thursday, reaching $167.51. 2,748,796 shares of the stock traded hands, compared to its average volume of 3,604,191. The stock’s fifty day simple moving average is $159.21 and its two-hundred day simple moving average is $153.33. The company has a quick ratio of 1.40, a current ratio of 1.84 and a debt-to-equity ratio of 2.54. The company has a market cap of $88.99 billion, a price-to-earnings ratio of 26.76, a price-to-earnings-growth ratio of 2.90 and a beta of 1.06. 3M has a 1-year low of $121.98 and a 1-year high of $172.85.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, February 21st. The conglomerate reported $2.45 earnings per share (EPS) for the quarter. 3M had a return on equity of 98.47% and a net margin of 13.70%.The business had revenue of $8.38 billion during the quarter. On average, research analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

Insider Activity at 3M

In related news, EVP Mark W. Murphy sold 19,061 shares of the company’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $166.55, for a total value of $3,174,609.55. Following the completion of the sale, the executive vice president directly owned 6,594 shares in the company, valued at approximately $1,098,230.70. This represents a 74.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 13,826 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $169.78, for a total value of $2,347,378.28. Following the completion of the sale, the executive vice president directly owned 6,162 shares in the company, valued at $1,046,184.36. This trade represents a 69.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 46,516 shares of company stock worth $7,836,465 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MMM. Walter & Keenan Wealth Management LLC IN ADV grew its holdings in shares of 3M by 1.0% during the third quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 6,045 shares of the conglomerate’s stock valued at $938,000 after buying an additional 61 shares during the last quarter. Private Trust Co. NA increased its holdings in 3M by 0.8% during the 3rd quarter. Private Trust Co. NA now owns 9,205 shares of the conglomerate’s stock worth $1,428,000 after acquiring an additional 69 shares during the period. MJT & Associates Financial Advisory Group Inc. boosted its position in shares of 3M by 6.0% during the 3rd quarter. MJT & Associates Financial Advisory Group Inc. now owns 1,255 shares of the conglomerate’s stock valued at $195,000 after acquiring an additional 71 shares during the last quarter. Farmers & Merchants Investments Inc. increased its stake in 3M by 0.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 16,920 shares of the conglomerate’s stock valued at $2,576,000 after acquiring an additional 72 shares during the last quarter. Finally, Quent Capital LLC grew its holdings in shares of 3M by 2.6% during the 3rd quarter. Quent Capital LLC now owns 2,845 shares of the conglomerate’s stock valued at $441,000 after purchasing an additional 73 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

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.