3M (NYSE:MMM) Stock Price Expected to Rise, Citigroup Analyst Says

3M (NYSE:MMM) had its target price lifted by research analysts at Citigroup from $142.00 to $152.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the conglomerate’s stock. Citigroup’s target price would suggest a potential upside of 1.57% from the company’s previous close.

Several other equities analysts have also commented on MMM. Wells Fargo & Company raised their price objective on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada lowered their price objective on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Mizuho raised their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered their price objective on 3M from $165.00 to $162.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

NYSE:MMM opened at $149.64 on Wednesday. The stock has a market cap of $81.49 billion, a P/E ratio of 19.82, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The firm’s fifty day simple moving average is $132.09 and its 200 day simple moving average is $128.67. 3M has a twelve month low of $75.40 and a twelve month high of $152.08. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5,770,390 billion. 3M had a net margin of 15.71% and a return on equity of 97.19%. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.42 earnings per share. As a group, research analysts predict that 3M will post 7.66 EPS for the current year.

Institutional Investors Weigh In On 3M

Large investors have recently made changes to their positions in the company. FSA Wealth Management LLC bought a new stake in shares of 3M during the 3rd quarter valued at about $27,000. McClarren Financial Advisors Inc. grew its stake in shares of 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the period. True Wealth Design LLC grew its stake in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 296 shares during the period. ORG Partners LLC grew its stake in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock valued at $41,000 after purchasing an additional 98 shares during the period. Finally, Northwest Investment Counselors LLC bought a new stake in shares of 3M during the 3rd quarter valued at about $57,000. 65.25% of the stock is currently owned by institutional investors.

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.