3M (NYSE:MMM) Given New $165.00 Price Target at JPMorgan Chase & Co.

3M (NYSE:MMM) had its target price lifted by equities research analysts at JPMorgan Chase & Co. from $162.00 to $165.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 12.35% from the company’s current price.

Other equities analysts have also issued reports about the stock. Bank of America boosted their price target on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Mizuho raised their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Trading Up 4.1 %

Shares of MMM stock opened at $146.86 on Wednesday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 1 year low of $75.40 and a 1 year high of $150.00. The firm’s fifty day simple moving average is $131.40 and its 200 day simple moving average is $128.20. The firm has a market capitalization of $79.98 billion, a P/E ratio of 18.54, a price-to-earnings-growth ratio of 2.30 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5,770,390 billion. During the same quarter in the prior year, the company posted $2.42 EPS. The business’s revenue was down 25.0% on a year-over-year basis. As a group, sell-side analysts predict that 3M will post 7.28 EPS for the current year.

Hedge Funds Weigh In On 3M

A number of hedge funds and other institutional investors have recently made changes to their positions in MMM. Sei Investments Co. lifted its holdings in 3M by 6.7% during the second quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock worth $16,874,000 after acquiring an additional 10,309 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new stake in shares of 3M during the second quarter worth about $387,000. Gabelli Funds LLC lifted its holdings in shares of 3M by 14.6% during the 2nd quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock valued at $261,000 after purchasing an additional 325 shares in the last quarter. Public Sector Pension Investment Board grew its position in shares of 3M by 75.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock valued at $2,185,000 after purchasing an additional 9,160 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in 3M by 60.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 105,867 shares of the conglomerate’s stock worth $10,819,000 after purchasing an additional 39,717 shares in the last quarter. 65.25% of the stock is owned by 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.