3M (NYSE:MMM) Trading Down 0.3% After Analyst Downgrade

3M (NYSE:MMM) was down 0.3% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $118.00 to $110.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. 3M traded as low as $90.17 and last traded at $91.05. Approximately 3,036,971 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 5,144,722 shares. The stock had previously closed at $91.30.

Several other brokerages have also recently weighed in on MMM. Royal Bank of Canada dropped their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 2nd. Citigroup raised their price objective on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Bank of America lowered their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Finally, Barclays lowered their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, 3M currently has an average rating of “Hold” and an average target price of $104.00.

Insider Activity

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On 3M

A number of large investors have recently added to or reduced their stakes in the business. MV Capital Management Inc. raised its position in 3M by 4.6% in the 1st quarter. MV Capital Management Inc. now owns 3,581 shares of the conglomerate’s stock worth $380,000 after purchasing an additional 156 shares during the period. Capital Advisors Ltd. LLC grew its holdings in 3M by 9.6% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,367 shares of the conglomerate’s stock worth $145,000 after acquiring an additional 120 shares during the last quarter. Applied Capital LLC FL grew its holdings in 3M by 6.1% in the 1st quarter. Applied Capital LLC FL now owns 9,187 shares of the conglomerate’s stock worth $974,000 after acquiring an additional 526 shares during the last quarter. Tributary Capital Management LLC bought a new stake in 3M in the 1st quarter worth $25,000. Finally, Steele Capital Management Inc. grew its holdings in 3M by 13.8% in the 1st quarter. Steele Capital Management Inc. now owns 3,411 shares of the conglomerate’s stock worth $362,000 after acquiring an additional 413 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Stock Performance

The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The business’s fifty day simple moving average is $95.77 and its 200-day simple moving average is $97.22.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.28 EPS. Research analysts expect that 3M will post 8.79 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.61%. 3M’s payout ratio is presently -47.82%.

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.