3M (NYSE:MMM) Shares Up 0.4%

3M (NYSE:MMM)’s stock price was up 0.4% during trading on Thursday . The stock traded as high as $96.72 and last traded at $96.69. Approximately 344,279 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 5,782,859 shares. The stock had previously closed at $96.35.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bank of America lowered their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. Wells Fargo & Company cut their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Mizuho reissued a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Citigroup upped their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, UBS Group lifted their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $103.70.

3M Stock Up 1.0 %

The stock’s fifty day moving average is $96.40 and its two-hundred day moving average is $97.83. The stock has a market capitalization of $53.86 billion, a P/E ratio of -7.65, a PEG ratio of 1.79 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the previous year, the company earned $1.97 EPS. As a group, research analysts predict that 3M will post 7.23 earnings per share for the current fiscal year.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after buying an additional 317,483 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in 3M by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after acquiring an additional 43,732 shares during the period. Norges Bank acquired a new stake in shares of 3M in the fourth quarter valued at about $502,585,000. Bank of New York Mellon Corp increased its stake in shares of 3M by 10.6% in the first quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after purchasing an additional 435,439 shares during the period. Finally, Invesco Ltd. lifted its position in shares of 3M by 2.4% during the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after purchasing an additional 94,864 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

About 3M

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.