JPMorgan Chase & Co. Cuts 3M (NYSE:MMM) Price Target to $110.00

3M (NYSE:MMM) had its price objective reduced by analysts at JPMorgan Chase & Co. from $118.00 to $110.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 21.20% from the company’s previous close.

A number of other equities research analysts have also recently commented on the company. Barclays lowered their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Citigroup increased their target price on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Royal Bank of Canada decreased their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Finally, Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.00.

3M Price Performance

NYSE MMM traded down $0.29 during mid-day trading on Wednesday, hitting $90.76. The stock had a trading volume of 2,435,690 shares, compared to its average volume of 5,921,625. 3M has a 52-week low of $71.12 and a 52-week high of $95.67. The company has a market cap of $50.22 billion, a price-to-earnings ratio of -7.20, a P/E/G ratio of 1.61 and a beta of 1.02. The company has a 50 day simple moving average of $95.87 and a 200 day simple moving average of $97.31. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. 3M’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.28 EPS. Equities analysts forecast that 3M will post 8.79 EPS for the current fiscal year.

Insider Buying and Selling at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 3M

A number of hedge funds have recently bought and sold shares of MMM. Moneta Group Investment Advisors LLC grew its stake in 3M by 73,903.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock worth $798,258,000 after purchasing an additional 6,647,593 shares in the last quarter. Norges Bank acquired a new position in 3M in the fourth quarter worth about $502,585,000. Pacer Advisors Inc. grew its stake in 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in 3M by 313.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in 3M by 1,889.1% in the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock worth $201,971,000 after purchasing an additional 1,288,400 shares in the last quarter. 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.