3M (NYSE:MMM) Stock Price Down 1%

3M (NYSE:MMM) shares traded down 1% on Wednesday . The company traded as low as $92.00 and last traded at $92.09. 682,597 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 5,737,894 shares. The stock had previously closed at $93.00.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Royal Bank of Canada decreased their target price on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 2nd. Bank of America reduced 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. Barclays reduced their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Mizuho restated a “neutral” rating and issued a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Finally, Citigroup lifted their target price on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, 3M presently has an average rating of “Hold” and an average target price of $104.00.

3M Price Performance

The stock has a market capitalization of $50.92 billion, a price-to-earnings ratio of -7.29, a PEG ratio of 1.83 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The company has a 50 day moving average of $95.73 and a 200 day moving average of $97.43.

3M (NYSE:MMM) last released its quarterly earnings data 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. The business had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.28 EPS. As a group, equities research analysts anticipate that 3M will post 7.87 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.56%. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is currently -47.82%.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

Institutional Trading of 3M

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after acquiring an additional 317,483 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in 3M by 0.4% during the 4th 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 last quarter. Norges Bank purchased a new stake in 3M during the 4th quarter valued at approximately $502,585,000. Invesco Ltd. raised its stake in 3M by 2.4% during the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after acquiring an additional 94,864 shares during the last quarter. Finally, Nuance Investments LLC raised its stake in 3M by 10.1% during the 3rd quarter. Nuance Investments LLC now owns 4,062,557 shares of the conglomerate’s stock valued at $380,337,000 after acquiring an additional 371,935 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

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.