RBC Capital Raises 3M (MMM) Price Target to $135

On October 21, 2026, RBC Capital reiterated its Underperform rating on 3M Company (NYSE: MMM), lifting its price target from $132.00 to $135.00. The note came out as the industrial conglomerate navigated shifting market expectations following its recent financial reports. Shares of 3M Company closed at $171.18 on the day of the update.

MMM 3M Company

$171.12 ▲ +7.24% year to date

1M 3M YTD

Daily close · Oct 21, 2026

RBC Capital's Call on 3M Company

In its research note on October 21, 2026, RBC Capital maintained its Underperform rating on the stock while nudging up its price target by $3.00 to $135.00. The adjustment follows earlier coverage from other Wall Street firms, including JP Morgan, which maintained an Overweight rating on the same day and raised its target from $185.00 to $191.00. Earlier in the fall, Bernstein upgraded the stock to Market Perform with a $171.00 target, while Wells Fargo initiated coverage with an Equal-Weight rating and a $195.00 target on September 25, 2026. Across 18 analyst opinions, the stock carries a consensus buy recommendation with a mean target price of $185.93.

Other Institutional Activity in 3M Company

Institutional investors continue to maintain sizable positions in the industrial giant. State Farm Mutual Automobile Insurance Co held 7,934,035 shares valued at about $1.36 billion in its report for the period ended June 30, 2026, leaving its position unchanged.

3M Company Stock Up 3.6%

Shares of 3M Company recently traded around $170.67 on October 21, 2026, sitting below their closing price of $171.18 from that session. The stock trades above its 50-day moving average of $169.87 and holds above its 200-day moving average of $160.72. Over the past year, the shares have traded between a low of $139.34 and a high of $184.90. The company commands a market capitalization of roughly $83.55 billion, with a P/E ratio of 28.78 and a forward P/E of 16.50.

Recent Earnings

For its trailing twelve-month period, 3M Company generated $25.18 billion in revenue and reported an earnings per share of $5.63. The firm posted a net profit margin of 11.9% alongside a return on equity of 81.9%, reflecting its ongoing operational profitability across its core industrial segments.

Dividend

3M Company pays an annual dividend rate of $3.12 per share, yielding 1.93%. The payout ratio sits at 53.6%, meaning the company distributes just over half of its earnings back to shareholders in the form of dividends.

Insider Buying and Selling at 3M Company

Company insiders executed several sales during the summer months prior to the recent rating update. Officer Kevin H. Rhodes sold 7,669 shares on July 22, 2026, at an average price of $171.20 for a total value of $1,312,933. On July 23, 2026, officer John Patrick Banovetz disposed of 7,880 shares at $170.44 apiece, totaling $1,343,067, while officer Theresa E. Reinseth sold 924 shares at $169.42 for $156,544. Later, on August 5, 2026, officer Rodriguez Beatriz Karina Chavez sold 3,635 shares at $182.51, amounting to $663,430.

About 3M Company

Headquartered in Saint Paul, Minnesota, 3M Company operates as a diversified technology and manufacturing company with roughly 60,500 employees. The business serves customers across safety and industrial, transportation and electronics, and consumer markets worldwide, producing everyday household items alongside advanced industrial materials.

Bottom Line

Investors will continue to watch how 3M Company performs against its consensus price target of $185.93 as future earnings reports approach. The divergence between conservative stances like RBC Capital's Underperform rating and more bullish Wall Street targets highlights the varying expectations for the industrial firm's growth.