3M (NYSE:MMM) PT Lowered to $110.00 at JPMorgan Chase & Co.

3M (NYSE:MMM) had its target price trimmed by JPMorgan Chase & Co. from $118.00 to $110.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the conglomerate’s stock.

Several other equities research analysts also recently weighed in on the company. Wells Fargo & Company decreased their price objective on 3M from $112.00 to $105.00 and set an equal weight rating for the company in a report on Wednesday, January 24th. Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a neutral rating for the company in a report on Tuesday, April 2nd. Mizuho reissued a neutral rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Barclays decreased their price objective on 3M from $126.00 to $107.00 and set an overweight rating for the company in a report on Tuesday, April 2nd. Finally, Royal Bank of Canada decreased their price objective on 3M from $84.00 to $78.00 and set an underperform rating for the company 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 assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $104.00.

3M Stock Down 0.1 %

MMM stock opened at $90.95 on Wednesday. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The company’s 50 day moving average price is $95.81 and its 200 day moving average price is $97.26.

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

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.64%. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Insider Buying and Selling

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MMM. Moneta Group Investment Advisors LLC raised its position 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 acquiring an additional 6,647,593 shares in the last quarter. Norges Bank purchased a new position in shares of 3M in the fourth quarter valued at $502,585,000. Pacer Advisors Inc. increased its position in shares of 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after buying an additional 3,508,334 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of 3M by 313.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after buying an additional 2,010,319 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of 3M by 1,889.1% in the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after buying an additional 1,288,400 shares in the last quarter. Hedge funds and other institutional investors 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.