Wolfe Research Has Lowered Expectations for 3M (NYSE:MMM) Stock Price

3M (NYSE:MMM) had its target price dropped by equities researchers at Wolfe Research from $197.00 to $196.00 in a report released on Thursday,MarketScreener reports. The brokerage presently has an “outperform” rating on the conglomerate’s stock. Wolfe Research’s price target indicates a potential upside of 14.65% from the company’s current price.

Other research analysts have also issued reports about the stock. Royal Bank Of Canada reaffirmed an “underperform” rating and issued a $131.00 price objective on shares of 3M in a research note on Thursday. Barclays increased their price objective on 3M from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. Morgan Stanley set a $160.00 target price on 3M and gave the company an “equal weight” rating in a research report on Tuesday, October 21st. Citigroup boosted their price target on shares of 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Finally, Wells Fargo & Company upped their price objective on shares of 3M from $176.00 to $183.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, 3M has a consensus rating of “Moderate Buy” and an average price target of $175.40.

3M Price Performance

MMM traded up $0.96 on Thursday, reaching $170.95. The stock had a trading volume of 2,909,217 shares, compared to its average volume of 2,738,572. 3M has a fifty-two week low of $121.98 and a fifty-two week high of $174.69. The company has a current ratio of 1.84, a quick ratio of 1.40 and a debt-to-equity ratio of 2.54. The company has a market capitalization of $90.81 billion, a price-to-earnings ratio of 27.31, a price-to-earnings-growth ratio of 2.38 and a beta of 1.09. The firm has a 50-day moving average of $165.90 and a 200-day moving average of $159.24.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 21st. The conglomerate reported $2.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.12. 3M had a net margin of 13.70% and a return on equity of 98.47%. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter in the previous year, the company earned $1.98 EPS. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. 3M has set its FY 2025 guidance at 7.950-8.05 EPS. As a group, sell-side analysts anticipate that 3M will post 7.8 EPS for the current year.

Insider Transactions at 3M

In other news, EVP Zoe L. Dickson sold 13,826 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $169.78, for a total transaction of $2,347,378.28. Following the sale, the executive vice president directly owned 6,162 shares in the company, valued at $1,046,184.36. This represents a 69.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mark W. Murphy sold 19,061 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $166.55, for a total value of $3,174,609.55. Following the transaction, the executive vice president owned 6,594 shares of the company’s stock, valued at approximately $1,098,230.70. The trade was a 74.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 46,516 shares of company stock valued at $7,836,465 in the last ninety days. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

Large investors have recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its holdings in shares of 3M by 15.8% during the second quarter. Farther Finance Advisors LLC now owns 12,137 shares of the conglomerate’s stock valued at $1,848,000 after purchasing an additional 1,652 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in 3M by 12.0% during the second quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 40,875 shares of the conglomerate’s stock valued at $6,218,000 after purchasing an additional 4,384 shares in the last quarter. Duncan Williams Asset Management LLC purchased a new position in shares of 3M during the 2nd quarter valued at $425,000. Fairfield Financial Advisors LTD purchased a new stake in 3M in the 2nd quarter worth $1,303,000. Finally, Segall Bryant & Hamill LLC purchased a new position in shares of 3M in the second quarter valued at about $8,594,000. Institutional investors own 65.25% of the company’s stock.

3M Company Profile

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M’s businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).