3M (NYSE:MMM) Trading Up 0.2%

3M (NYSE:MMM)’s share price traded up 0.2% on Friday . The stock traded as high as $92.19 and last traded at $91.58. 656,894 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 5,679,572 shares. The stock had previously closed at $91.41.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MMM. Barclays lowered their target price on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. cut their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Royal Bank of Canada reduced their target price on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Citigroup raised their price target on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.00.

3M Stock Performance

The business has a 50 day moving average price of $95.70 and a two-hundred day moving average price of $97.35. The stock has a market cap of $50.80 billion, a PE ratio of -7.25, a price-to-earnings-growth ratio of 1.82 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

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 negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same period last year, the business earned $2.28 EPS. 3M’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts forecast that 3M will post 7.87 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a $1.51 dividend. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.58%. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is presently -47.82%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On 3M

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after purchasing an additional 317,483 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after acquiring an additional 43,732 shares during the last quarter. Norges Bank acquired a new position in 3M in the 4th quarter valued at about $502,585,000. Bank of New York Mellon Corp raised its stake in shares of 3M by 10.6% in the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock valued at $480,680,000 after acquiring an additional 435,439 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of 3M by 2.4% in the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after purchasing an additional 94,864 shares during the period. Hedge funds and other 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.