Mizuho Increases 3M (NYSE:MMM) Price Target to $146.00

3M (NYSE:MMM) had its target price increased by Mizuho from $105.00 to $146.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the conglomerate’s stock. Mizuho’s price target would suggest a potential upside of 8.04% from the stock’s previous close.

Several other brokerages have also issued reports on MMM. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Barclays lifted their target price on shares of 3M from $145.00 to $160.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company lifted their target price on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. StockNews.com lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $130.57.

3M Price Performance

Shares of NYSE:MMM opened at $135.14 on Thursday. The company has a 50 day moving average of $132.67 and a 200 day moving average of $112.59. The stock has a market cap of $74.78 billion, a P/E ratio of -10.62, a P/E/G ratio of 2.49 and a beta of 0.95. 3M has a 12 month low of $71.12 and a 12 month high of $140.72. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the company earned $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.24 EPS for the current fiscal year.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MMM. Alaska Permanent Fund Corp increased its position in 3M by 322.5% during the 1st quarter. Alaska Permanent Fund Corp now owns 17,245 shares of the conglomerate’s stock valued at $1,829,000 after purchasing an additional 13,163 shares during the period. Perpetual Ltd increased its position in 3M by 85.7% during the 1st quarter. Perpetual Ltd now owns 26,830 shares of the conglomerate’s stock valued at $2,846,000 after purchasing an additional 12,384 shares during the period. KMG Fiduciary Partners LLC increased its position in 3M by 2.2% during the 1st quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after purchasing an additional 311 shares during the period. Allied Investment Advisors LLC increased its position in 3M by 16.2% during the 1st quarter. Allied Investment Advisors LLC now owns 68,611 shares of the conglomerate’s stock valued at $7,278,000 after purchasing an additional 9,590 shares during the period. Finally, RFG Advisory LLC increased its position in 3M by 86.9% during the 1st quarter. RFG Advisory LLC now owns 6,765 shares of the conglomerate’s stock valued at $718,000 after purchasing an additional 3,145 shares during the period. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Company Profile

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.