Royal Bank of Canada Has Lowered Expectations for 3M (NYSE:MMM) Stock Price

3M (NYSE:MMM) had its price objective trimmed by Royal Bank of Canada from $100.00 to $96.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an underperform rating on the conglomerate’s stock.

A number of other equities analysts have also issued reports on the company. UBS Group raised 3M from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.60.

3M Stock Up 0.1 %

MMM stock opened at $129.87 on Friday. The company has a market capitalization of $70.72 billion, a P/E ratio of 16.40, a PEG ratio of 2.15 and a beta of 0.95. The firm has a 50 day simple moving average of $130.02 and a 200-day simple moving average of $125.03. 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 twelve month low of $75.40 and a twelve month high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 earnings per share. The firm’s revenue was down 24.3% on a year-over-year basis. On average, equities research analysts predict that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. 3M’s dividend payout ratio is currently 35.35%.

Institutional Investors Weigh In On 3M

A number of institutional investors have recently added to or reduced their stakes in MMM. CVA Family Office LLC boosted its stake in 3M by 1.9% in the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after purchasing an additional 79 shares in the last quarter. Harbour Investments Inc. grew its holdings in shares of 3M by 0.8% in the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock valued at $1,443,000 after buying an additional 81 shares during the period. KMG Fiduciary Partners LLC raised its position in shares of 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock worth $2,213,000 after purchasing an additional 84 shares during the period. TCV Trust & Wealth Management Inc. boosted its holdings in shares of 3M by 1.3% in the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after buying an additional 84 shares during the period. Finally, Weatherly Asset Management L. P. raised its stake in shares of 3M by 3.3% in the 3rd quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock valued at $373,000 after purchasing an additional 86 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

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.