3M (NYSE:MMM) Given New $210.00 Price Target at JPMorgan Chase & Co.

3M (NYSE:MMM) had its target price lifted by JPMorgan Chase & Co. from $191.00 to $210.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the conglomerate’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 7.98% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of 3M in a research note on Wednesday, October 21st. Wolfe Research reaffirmed an “outperform” rating on shares of 3M in a research report on Thursday, July 9th. Mizuho increased their price target on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Raymond James Financial reiterated a “market perform” rating on shares of 3M in a research note on Wednesday, October 21st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of 3M in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, 3M currently has a consensus rating of “Hold” and an average price target of $187.57.

3M Stock Performance

MMM traded up $17.43 during trading hours on Wednesday, hitting $194.48. 5,489,151 shares of the stock were exchanged, compared to its average volume of 3,695,309. The stock has a market cap of $100.49 billion, a price-to-earnings ratio of 28.97, a price-to-earnings-growth ratio of 2.32 and a beta of 1.01. The stock has a 50-day simple moving average of $168.40 and a 200-day simple moving average of $161.43. 3M has a 12 month low of $139.34 and a 12 month high of $194.77. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.41 and a quick ratio of 1.06.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping the consensus estimate of $2.38 by $0.12. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. 3M’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.19 EPS. Analysts anticipate that 3M will post 9.14 earnings per share for the current year.

Institutional Investors Weigh In On 3M

Several large investors have recently added to or reduced their stakes in MMM. Engineers Gate Manager LP increased its position in 3M by 74.0% in the 2nd quarter. Engineers Gate Manager LP now owns 287,652 shares of the conglomerate’s stock valued at $46,574,000 after buying an additional 122,368 shares in the last quarter. North Star Asset Management Inc. bought a new position in 3M in the second quarter worth approximately $1,424,000. Moore Capital Management LP acquired a new stake in 3M in the second quarter valued at approximately $7,948,000. B.A. Schrock Wealth Management Inc. acquired a new stake in 3M in the third quarter valued at approximately $1,770,000. Finally, Amundi increased its holdings in shares of 3M by 67.0% during the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock valued at $734,448,000 after acquiring an additional 1,819,178 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

About 3M

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.