3M (NYSE:MMM) Shares Up 1.4%

3M (NYSE:MMM)’s stock price was up 1.4% on Thursday . The company traded as high as $92.43 and last traded at $92.27. Approximately 704,956 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 5,866,212 shares. The stock had previously closed at $90.96.

Analyst Ratings Changes

A number of analysts recently weighed in on MMM shares. Bank of America cut their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Barclays dropped their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Royal Bank of Canada dropped their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company dropped their target price 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Hold” and a consensus price target of $104.00.

3M Price Performance

The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The stock has a fifty day moving average price of $95.76 and a two-hundred day moving average price of $97.24.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The business had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. 3M’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.28 earnings per share. On average, sell-side analysts predict that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.54%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is -47.82%.

Insider Buying and Selling at 3M

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

Institutional Trading of 3M

Hedge funds and other institutional investors have recently made changes to their positions in the company. Financial Freedom LLC bought a new stake in shares of 3M during the fourth quarter worth about $25,000. Tributary Capital Management LLC bought a new stake in 3M in the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings 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 acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in 3M in the first quarter valued at approximately $32,000. Finally, Livelsberger Financial Advisory bought a new stake in 3M in the fourth quarter valued at approximately $35,000. 65.25% of the stock is currently 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.