3M (NYSE:MMM) Price Target Raised to $210.00

3M (NYSE:MMM) had its price objective raised by JPMorgan Chase & Co. from $191.00 to $210.00 in a research note released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the conglomerate’s stock.

MMM has been the topic of a number of other research reports. Mizuho lifted their price objective on shares of 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Royal Bank Of Canada increased their target price on shares of 3M from $132.00 to $135.00 and gave the company an “underperform” rating in a research report on Wednesday, October 21st. Sanford C. Bernstein increased their target price on shares of 3M from $171.00 to $197.00 and gave the company a “market perform” rating in a research report on Wednesday, October 21st. Citigroup raised their target price on shares of 3M from $183.00 to $188.00 and gave the company a “neutral” rating in a research note on Wednesday, October 21st. Finally, Wells Fargo & Company assumed coverage on shares of 3M in a report on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $190.07.

3M Stock Down 1.4%

Shares of NYSE MMM traded down $2.54 during mid-day trading on Wednesday, reaching $185.23. 3,370,294 shares of the company were exchanged, compared to its average volume of 3,459,884. 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 stock has a market cap of $95.71 billion, a price-to-earnings ratio of 27.60, a P/E/G ratio of 2.32 and a beta of 1.01. 3M has a 1 year low of $139.34 and a 1 year high of $196.90. The firm has a 50-day moving average of $168.96 and a 200 day moving average of $161.79.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.12. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. 3M had a return on equity of 123.11% and a net margin of 14.01%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.19 earnings per share. On average, research analysts expect that 3M will post 9.14 earnings per share for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.78 per share. The ex-dividend date is Friday, November 13th. This represents a $3.12 annualized dividend and a dividend yield of 1.7%. 3M’s dividend payout ratio is 46.50%.

3M declared that its board has initiated a stock buyback plan on Wednesday, November 4th that authorizes the company to buy back $6 billion in outstanding shares. This buyback authorization authorizes the conglomerate to buy up to 6.6% of its shares through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Institutional Trading of 3M

Institutional investors have recently bought and sold shares of the stock. Cornerstone Advisory LLC raised its stake in 3M by 7.1% in the 3rd quarter. Cornerstone Advisory LLC now owns 2,150 shares of the conglomerate’s stock worth $353,000 after acquiring an additional 143 shares during the last quarter. Wellington Grp LLC increased its holdings in shares of 3M by 58.3% in the third quarter. Wellington Grp LLC now owns 8,443 shares of the conglomerate’s stock valued at $1,386,000 after purchasing an additional 3,108 shares during the period. Bernicke Wealth Management Ltd. acquired a new position in shares of 3M in the third quarter valued at about $280,000. Moors & Cabot Inc. increased its holdings in shares of 3M by 3.6% in the third quarter. Moors & Cabot Inc. now owns 11,397 shares of the conglomerate’s stock valued at $1,871,000 after purchasing an additional 394 shares during the period. Finally, Allworth Financial LP raised its stake in shares of 3M by 6.1% in the third quarter. Allworth Financial LP now owns 31,919 shares of the conglomerate’s stock worth $5,168,000 after purchasing an additional 1,838 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

About 3M

3M is a diversified science and manufacturing company that develops products for businesses and consumers. Its offerings include workplace safety equipment, adhesives and abrasives, filtration materials, automotive and electronics components, and home and office products such as Post-it Notes and Scotch brand tapes.

Founded in 1902 as the Minnesota Mining and Manufacturing Company, 3M began as a mining venture before expanding into materials science and industrial manufacturing. The company adopted the name 3M in 2002 and is headquartered in St.