JPMorgan Chase & Co. Issues Positive Forecast for 3M (NYSE:MMM) Stock Price

3M (NYSE:MMM) had its price target raised by JPMorgan Chase & Co. from $191.00 to $210.00 in a research report sent to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the conglomerate’s stock.

A number of other equities research analysts also recently commented on the stock. Jefferies Financial Group reiterated a “hold” rating and set a $186.00 price target on shares of 3M in a report on Wednesday, October 21st. The Goldman Sachs Group restated a “buy” rating on shares of 3M in a report on Wednesday, July 22nd. Wells Fargo & Company assumed coverage on shares of 3M in a research note on Thursday, September 24th. They set an “equal weight” rating and a $195.00 price objective on the stock. Royal Bank Of Canada boosted their target price on shares of 3M from $132.00 to $135.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 21st. Finally, Citigroup upped their target price on shares of 3M from $183.00 to $188.00 and gave the company a “neutral” rating in a research note on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, 3M presently has an average rating of “Hold” and an average price target of $187.57.

3M Price Performance

Shares of NYSE MMM opened at $194.03 on Wednesday. The stock has a 50 day moving average of $168.68 and a two-hundred day moving average of $161.55. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01. The stock has a market cap of $100.26 billion, a P/E ratio of 28.92, a P/E/G ratio of 2.31 and a beta of 1.01. 3M has a twelve month low of $139.34 and a twelve month high of $194.77.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. During the same period in the prior year, the company posted $2.19 earnings per share. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, research analysts forecast that 3M will post 9.14 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, November 13th. 3M’s payout ratio is 46.50%.

3M announced that its board has initiated a stock repurchase plan on Wednesday, November 4th that authorizes the company to buy back $6 billion in shares. This repurchase authorization authorizes the conglomerate to purchase up to 6.6% of its shares through open market purchases. Share repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MMM. Keybank National Association OH boosted its holdings in shares of 3M by 2.6% in the third quarter. Keybank National Association OH now owns 378,545 shares of the conglomerate’s stock worth $62,138,000 after buying an additional 9,676 shares during the period. Cornerstone Wealth Management LLC boosted its holdings in shares of 3M by 2.2% during the third quarter. Cornerstone Wealth Management LLC now owns 7,975 shares of the conglomerate’s stock worth $1,309,000 after purchasing an additional 172 shares during the period. Csenge Advisory Group grew its holdings in shares of 3M by 7.0% during the 3rd quarter. Csenge Advisory Group now owns 2,842 shares of the conglomerate’s stock valued at $467,000 after acquiring an additional 185 shares in the last quarter. Cpwa LLC raised its stake in shares of 3M by 6.4% during the 3rd quarter. Cpwa LLC now owns 2,121 shares of the conglomerate’s stock worth $341,000 after purchasing an additional 128 shares in the last quarter. Finally, 71 West Capital Partners grew its position in 3M by 7.4% in the third quarter. 71 West Capital Partners now owns 2,962 shares of the conglomerate’s stock worth $486,000 after acquiring an additional 204 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M News Roundup

Here are the key news stories impacting 3M this week:

• Positive Sentiment: 3M agreed to a PFAS personal-injury settlement with a commitment of $5.8 billion in present value through 2034, or up to $7.35 billion in total payments. UBS said it covers about 99% of current claims and costs less than investors had expected, potentially removing a major litigation overhang. Article: 3M settlement removes major PFAS overhang, UBS says
• Positive Sentiment: 3M and Amazon Web Services are expanding work to scale 3M’s optical-connectivity platform for AI-focused data centers. The initiative is expected to create more than 500 jobs and contribute nearly $500 million to the economy, bolstering the company’s exposure to data-center growth. Article: 3M expands AI data center optics push
• Positive Sentiment: The board authorized an additional $6 billion in share repurchases, bringing total availability under its program to $7.5 billion, and declared a quarterly dividend of $0.78 per share. Buybacks and the dividend add to shareholder returns, though the authorization does not guarantee purchases. Article: 3M approves share repurchase authorization and declares dividend
• Positive Sentiment: JPMorgan raised its price target to $210 from $191 and maintained an Overweight rating, signaling a more favorable view of the shares. Article: JPMorgan raises 3M price target
• Negative Sentiment: The settlement remains a substantial cash commitment, and reports note that its final implementation depends on a claimant participation threshold that has not been publicly disclosed. Article: 3M’s forever chemicals bill just grew by billions

3M Company Profile

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.