Wolfe Research Cuts 3M (NYSE:MMM) Price Target to $196.00

3M (NYSE:MMM) had its price objective lowered by stock analysts at Wolfe Research from $197.00 to $196.00 in a note issued to investors on Thursday,MarketScreener reports. The firm currently has an “outperform” rating on the conglomerate’s stock. Wolfe Research’s price objective would indicate a potential upside of 14.65% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company upped their price target on shares of 3M from $176.00 to $183.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft downgraded shares of 3M from a “buy” rating to a “hold” rating and lowered their price target for the stock from $199.00 to $178.00 in a report on Monday, December 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of 3M in a report on Wednesday, October 8th. Citigroup raised their target price on shares of 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Finally, UBS Group increased their price target on shares of 3M from $184.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $175.40.

3M Trading Up 0.6%

Shares of NYSE:MMM traded up $0.96 during trading on Thursday, reaching $170.95. The company’s stock had a trading volume of 2,909,217 shares, compared to its average volume of 2,738,572. The firm’s 50 day simple moving average is $165.90 and its two-hundred day simple moving average is $159.24. 3M has a 12 month low of $121.98 and a 12 month high of $174.69. The stock has a market capitalization of $90.81 billion, a PE ratio of 27.31, a price-to-earnings-growth ratio of 2.38 and a beta of 1.09. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 21st. The conglomerate reported $2.19 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.12. The business had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $6.25 billion. 3M had a net margin of 13.70% and a return on equity of 98.47%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.98 earnings per share. 3M has set its FY 2025 guidance at 7.950-8.05 EPS. On average, research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Mark W. Murphy sold 19,061 shares of the company’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $166.55, for a total value of $3,174,609.55. Following the completion of the transaction, the executive vice president owned 6,594 shares in the company, valued at approximately $1,098,230.70. This represents a 74.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Zoe L. Dickson sold 13,826 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $169.78, for a total value of $2,347,378.28. Following the completion of the sale, the executive vice president directly owned 6,162 shares of the company’s stock, valued at approximately $1,046,184.36. This trade represents a 69.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 46,516 shares of company stock valued at $7,836,465 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 3M

A number of hedge funds have recently added to or reduced their stakes in MMM. Farther Finance Advisors LLC boosted its position in shares of 3M by 15.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 12,137 shares of the conglomerate’s stock worth $1,848,000 after purchasing an additional 1,652 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in 3M by 12.0% during the second quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 40,875 shares of the conglomerate’s stock worth $6,218,000 after buying an additional 4,384 shares in the last quarter. Duncan Williams Asset Management LLC purchased a new stake in 3M during the second quarter worth about $425,000. Fairfield Financial Advisors LTD acquired a new position in 3M during the second quarter worth about $1,303,000. Finally, Knights of Columbus Asset Advisors LLC increased its holdings in 3M by 2.1% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 77,624 shares of the conglomerate’s stock valued at $11,817,000 after buying an additional 1,595 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Company Profile

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M’s businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).