3M (NYSE:MMM) Given New $110.00 Price Target at JPMorgan Chase & Co.

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

Several other research firms have also weighed in on MMM. StockNews.com upgraded shares of 3M from a buy rating to a strong-buy rating in a report on Tuesday, April 16th. Barclays reduced their target price on shares of 3M from $126.00 to $107.00 and set an overweight rating on the stock in a report on Tuesday, April 2nd. Mizuho restated a neutral rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Wells Fargo & Company reduced their target price on shares of 3M from $112.00 to $105.00 and set an equal weight rating on the stock in a report on Wednesday, January 24th. Finally, Bank of America reduced their target price on shares of 3M from $110.00 to $100.00 and set a neutral rating on the stock in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $104.00.

3M Stock Up 0.9 %

Shares of NYSE MMM opened at $92.27 on Wednesday. 3M has a 52-week low of $71.12 and a 52-week high of $95.67. The firm has a fifty day moving average of $95.76 and a 200-day moving average of $97.30. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same period in the previous year, the company earned $2.28 EPS. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts predict that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.55%. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is presently -47.82%.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s 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 sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

A number of institutional investors have recently modified their holdings of MMM. Tributary Capital Management LLC bought a new stake in shares of 3M during the 1st quarter valued at about $25,000. Financial Freedom LLC bought a new stake in shares of 3M during the 4th quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. grew its position in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in 3M in the 1st quarter worth about $32,000. Finally, Briaud Financial Planning Inc bought a new position in 3M in the 3rd quarter worth about $35,000. Institutional investors own 65.25% of the company’s stock.

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.