3M Company (NYSE:MMM) Stock Has Consensus Price Target of $185.36 According to Analysts

3M Company (NYSE:MMM) has earned an average recommendation of “Hold” from the sixteen research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $187.57.

Several research firms recently commented on MMM. Jefferies Financial Group reaffirmed a “hold” rating and issued a $186.00 price objective on shares of 3M in a report on Wednesday, October 21st. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of 3M in a report on Wednesday, October 21st. JPMorgan Chase & Co. increased their target price on 3M from $191.00 to $210.00 and gave the stock an “overweight” rating in a research report on Wednesday. UBS Group set a $230.00 price target on 3M in a report on Wednesday. Finally, Citigroup lifted their price target on 3M from $183.00 to $188.00 and gave the company a “neutral” rating in a research report on Wednesday, October 21st.

More 3M News

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

Institutional Investors Weigh In On 3M

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in shares of 3M by 0.4% during the 2nd quarter. State Street Corp now owns 27,828,966 shares of the conglomerate’s stock valued at $4,505,788,000 after buying an additional 105,222 shares in the last quarter. Amundi grew its position in 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock worth $734,448,000 after acquiring an additional 1,819,178 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in 3M by 7.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock worth $637,202,000 after acquiring an additional 270,458 shares in the last quarter. National Pension Service increased its stake in 3M by 3.6% in the second quarter. National Pension Service now owns 1,401,543 shares of the conglomerate’s stock valued at $226,924,000 after acquiring an additional 48,167 shares during the last quarter. Finally, Keybank National Association OH increased its stake in 3M by 2.6% in the third quarter. Keybank National Association OH now owns 378,545 shares of the conglomerate’s stock valued at $62,138,000 after acquiring an additional 9,676 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

Shares of NYSE:MMM opened at $194.03 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $100.26 billion, a PE 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. The company has a 50-day moving average price of $168.68 and a two-hundred day moving average price of $161.55.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share 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 the consensus estimate of $6.61 billion. During the same quarter last year, the company earned $2.19 earnings per share. The company’s revenue was up 1.5% on a year-over-year basis. Equities analysts forecast that 3M will post 9.14 EPS for the current year.

3M Announces Dividend

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

3M declared that its board has authorized a share buyback plan on Wednesday, November 4th that authorizes the company to repurchase $6 billion in outstanding shares. This buyback authorization authorizes the conglomerate to purchase up to 6.6% of its stock through open market purchases. Share buyback plans are typically a sign that the company’s management believes its shares are undervalued.

About 3M

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.