3M (NYSE:MMM) Price Target Cut to $161.00 by Analysts at Credit Suisse Group

3M (NYSE:MMMGet Rating) had its target price decreased by Credit Suisse Group from $173.00 to $161.00 in a research note released on Wednesday, Marketbeat.com reports. Credit Suisse Group currently has a neutral rating on the conglomerate’s stock.

Several other brokerages also recently weighed in on MMM. Argus lowered their target price on 3M from $225.00 to $190.00 in a research note on Wednesday, January 26th. Wells Fargo & Company lowered their target price on 3M from $184.00 to $173.00 and set an equal weight rating on the stock in a research note on Tuesday, February 15th. Jefferies Financial Group lowered their target price on 3M from $186.00 to $161.00 and set a hold rating on the stock in a research note on Tuesday, March 15th. Mizuho lowered their target price on 3M from $180.00 to $170.00 and set a neutral rating on the stock in a research note on Tuesday, February 15th. Finally, StockNews.com began coverage on 3M in a research note on Thursday, March 31st. They issued a hold rating on the stock. Six analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $164.73.

NYSE:MMM opened at $144.22 on Wednesday. The stock’s 50 day moving average price is $147.66 and its 200 day moving average price is $165.22. The company has a market capitalization of $82.09 billion, a PE ratio of 15.01, a P/E/G ratio of 1.47 and a beta of 0.97. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.99. 3M has a 52-week low of $139.74 and a 52-week high of $208.95.

3M (NYSE:MMMGet Rating) last released its quarterly earnings results on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.34. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.75 billion. 3M had a return on equity of 39.35% and a net margin of 15.84%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $2.77 EPS. As a group, sell-side analysts anticipate that 3M will post 10.85 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 12th. Investors of record on Friday, February 18th were issued a dividend of $1.49 per share. The ex-dividend date of this dividend was Thursday, February 17th. This is a boost from 3M’s previous quarterly dividend of $1.48. This represents a $5.96 annualized dividend and a yield of 4.13%. 3M’s payout ratio is currently 62.02%.

A number of hedge funds have recently modified their holdings of the stock. Walter & Keenan Wealth Management LLC IN ADV raised its holdings in 3M by 0.5% during the first quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 18,906 shares of the conglomerate’s stock worth $2,819,000 after purchasing an additional 100 shares during the last quarter. West Bancorporation Inc. raised its holdings in 3M by 9.4% during the first quarter. West Bancorporation Inc. now owns 3,144 shares of the conglomerate’s stock worth $468,000 after purchasing an additional 270 shares during the last quarter. Markel Corp raised its holdings in 3M by 6.5% during the first quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after purchasing an additional 16,550 shares during the last quarter. Whittier Trust Co. raised its holdings in 3M by 2.0% during the first quarter. Whittier Trust Co. now owns 140,572 shares of the conglomerate’s stock worth $20,928,000 after purchasing an additional 2,785 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in shares of 3M by 4.2% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 70,663 shares of the conglomerate’s stock worth $10,520,000 after acquiring an additional 2,836 shares during the last quarter. 66.06% of the stock is owned by hedge funds and other institutional investors.

3M Company Profile (Get Rating)

3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

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