Barclays Lowers 3M (NYSE:MMM) Price Target to $161.00

3M (NYSE:MMM) had its price objective cut by research analysts at Barclays from $165.00 to $161.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the conglomerate’s stock. Barclays‘s target price points to a potential upside of 19.85% from the stock’s previous close.

A number of other research analysts have also weighed in on MMM. Wells Fargo & Company raised their price objective on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Tuesday, October 22nd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and raised their target price for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. JPMorgan Chase & Co. upped their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, Bank of America raised their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average price target of $144.33.

3M Price Performance

MMM stock opened at $134.34 on Wednesday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The stock has a market capitalization of $73.16 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The company’s 50-day moving average is $130.44 and its 200-day moving average is $126.11. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

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

Institutional Trading of 3M

Hedge funds and other institutional investors have recently modified their holdings of the business. InvesTrust purchased a new position in 3M in the 4th quarter valued at approximately $6,687,000. Fulton Bank N.A. grew its position in shares of 3M by 19.1% in the fourth quarter. Fulton Bank N.A. now owns 11,240 shares of the conglomerate’s stock valued at $1,451,000 after purchasing an additional 1,800 shares in the last quarter. Range Financial Group LLC raised its stake in shares of 3M by 52.3% during the 4th quarter. Range Financial Group LLC now owns 4,982 shares of the conglomerate’s stock valued at $643,000 after purchasing an additional 1,710 shares during the period. Oliver Luxxe Assets LLC lifted its holdings in 3M by 38.7% during the 4th quarter. Oliver Luxxe Assets LLC now owns 61,966 shares of the conglomerate’s stock worth $7,999,000 after purchasing an additional 17,283 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in 3M by 4.2% during the 4th quarter. Nordea Investment Management AB now owns 60,109 shares of the conglomerate’s stock valued at $7,783,000 after buying an additional 2,448 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

About 3M

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.