3M (NYSE:MMM) Stock Price Up 0.5%

3M (NYSE:MMM) shares were up 0.5% during trading on Tuesday . The company traded as high as $103.69 and last traded at $103.21. Approximately 1,051,743 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 5,309,563 shares. The stock had previously closed at $102.72.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of research analyst reports. StockNews.com initiated coverage on 3M in a report on Thursday, June 6th. They issued a “buy” rating for the company. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. Barclays lifted their target price on shares of 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. UBS Group increased their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company lifted their price objective on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average price target of $112.17.

3M Stock Performance

The stock has a 50 day moving average of $100.84 and a two-hundred day moving average of $98.83. The stock has a market capitalization of $57.17 billion, a PE ratio of -8.11, a P/E/G ratio of 1.93 and a beta of 0.95. 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 issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the previous year, the firm earned $1.97 EPS. Research analysts expect that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. 3M’s payout ratio is -22.01%.

Institutional Trading of 3M

A number of institutional investors have recently bought and sold shares of MMM. Tributary Capital Management LLC purchased a new position in 3M during the first quarter worth $25,000. Financial Synergies Wealth Advisors Inc. increased its stake in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in 3M during the first quarter worth about $32,000. Livelsberger Financial Advisory purchased a new position in 3M during the fourth quarter worth about $35,000. Finally, CGC Financial Services LLC boosted its stake in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after buying an additional 160 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other 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.