JPMorgan Chase & Co. Trims 3M (NYSE:MMM) Target Price to $110.00

3M (NYSE:MMM) had its price objective cut by JPMorgan Chase & Co. from $118.00 to $110.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a neutral rating on the conglomerate’s stock.

Several other equities research analysts have also issued reports on MMM. Mizuho reaffirmed a neutral rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Bank of America lowered their target price on 3M from $110.00 to $100.00 and set a neutral rating for the company in a research note on Tuesday, April 2nd. Citigroup boosted their target price on 3M from $95.31 to $98.00 and gave the company a neutral rating in a research note on Monday, April 8th. Wells Fargo & Company lowered their target price on 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research note on Wednesday, January 24th. Finally, StockNews.com raised 3M from a buy rating to a strong-buy rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $104.00.

3M Stock Performance

Shares of MMM stock opened at $92.35 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The business has a 50-day moving average price of $95.76 and a two-hundred day moving average price of $97.24. 3M has a 12-month low of $71.12 and a 12-month high of $95.67.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the previous year, the company posted $2.28 earnings per share. The company’s revenue was down 1.1% compared to the same quarter last year. Research analysts predict that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.54%. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is -47.82%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Fragasso Group Inc. raised its position in shares of 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after acquiring an additional 93 shares in the last quarter. McIlrath & Eck LLC raised its position in shares of 3M by 13.3% in the 4th quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock worth $100,000 after acquiring an additional 98 shares in the last quarter. Orion Portfolio Solutions LLC increased its position in 3M by 1.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock valued at $1,182,000 after buying an additional 98 shares in the last quarter. Vestcor Inc increased its position in 3M by 0.8% during the 4th quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock valued at $1,575,000 after buying an additional 102 shares in the last quarter. Finally, Bangor Savings Bank increased its position in 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after buying an additional 104 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

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.