Citigroup Boosts 3M (NYSE:MMM) Price Target to $100.00

3M (NYSE:MMM) had its price objective increased by Citigroup from $98.00 to $100.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the conglomerate’s stock.

A number of other research analysts have also weighed in on MMM. Royal Bank of Canada raised their price target on shares of 3M from $78.00 to $87.00 and gave the company an underperform rating in a research report on Wednesday. StockNews.com upgraded shares of 3M from a buy rating to a strong-buy rating in a report on Thursday, April 25th. Bank of America decreased their price objective on shares of 3M from $110.00 to $100.00 and set a neutral rating for the company in a report on Tuesday, April 2nd. Mizuho restated a neutral rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Finally, UBS Group raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a neutral rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $103.70.

3M Price Performance

3M stock opened at $98.42 on Wednesday. 3M has a 1-year low of $71.12 and a 1-year high of $99.70. The firm’s fifty day moving average price is $95.96 and its two-hundred day moving average price is $97.55. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period last year, the firm earned $1.97 earnings per share. Research analysts expect that 3M will post 7.05 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.14%. 3M’s dividend payout ratio (DPR) is presently -47.48%.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The shares were 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Large investors have recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of 3M by 15.4% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after acquiring an additional 14,775 shares during the period. Shoker Investment Counsel Inc. boosted its position in shares of 3M by 49.7% in the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after acquiring an additional 5,561 shares during the period. MWA Asset Management purchased a new position in shares of 3M in the fourth quarter worth $1,723,000. Diversified Trust Co increased its stake in shares of 3M by 1.4% in the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after buying an additional 263 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in shares of 3M in the third quarter worth $11,908,000. 65.25% of the stock is currently owned by institutional investors.

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.