3M (NYSE:MMM) Stock Rating Upgraded by Wells Fargo & Company

3M (NYSE:MMM) was upgraded by equities research analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $170.00 price target on the conglomerate’s stock, up from their prior price target of $140.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 13.60% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Bank of America raised their price target on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Royal Bank of Canada dropped their price target on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research report on Friday, January 3rd. Mizuho raised their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a research report on Saturday, January 18th. Two 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $148.87.

3M Stock Performance

Shares of MMM stock opened at $149.64 on Wednesday. 3M has a one year low of $75.40 and a one year high of $152.08. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a 50-day moving average of $132.09 and a 200-day moving average of $128.67. The company has a market cap of $81.49 billion, a P/E ratio of 19.82, a P/E/G ratio of 2.42 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5,770,390 billion. 3M had a return on equity of 97.19% and a net margin of 15.71%. The company’s revenue was down 25.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.42 EPS. Equities research analysts forecast that 3M will post 7.66 EPS for the current fiscal year.

Institutional Investors Weigh In On 3M

Several hedge funds and other institutional investors have recently modified their holdings of MMM. FSA Wealth Management LLC bought a new stake in shares of 3M during the 3rd quarter valued at $27,000. McClarren Financial Advisors Inc. raised its holdings in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the period. True Wealth Design LLC lifted its position in shares of 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares in the last quarter. ORG Partners LLC boosted its stake in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of 3M during the third quarter worth about $57,000. 65.25% of the stock is currently 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.