3M (NYSE:MMM) Shares Up 5.2%

3M (NYSE:MMM) shares were up 5.2% during mid-day trading on Tuesday . The stock traded as high as $97.84 and last traded at $96.91. Approximately 6,557,447 shares traded hands during trading, an increase of 15% from the average daily volume of 5,720,757 shares. The stock had previously closed at $92.16.

Analyst Ratings Changes

Several equities analysts have issued reports on MMM shares. Barclays decreased their price objective 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. Wells Fargo & Company decreased their price objective 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. JPMorgan Chase & Co. decreased their price target on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Citigroup raised their price target on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Royal Bank of Canada decreased their price target 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus target price of $104.00.

3M Trading Up 4.7 %

The firm has a market capitalization of $53.40 billion, a price-to-earnings ratio of -7.67, a PEG ratio of 1.74 and a beta of 1.02. The business’s 50-day simple moving average is $95.73 and its two-hundred day simple moving average is $97.49. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

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 paid a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.26%. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Tributary Capital Management LLC purchased a new position in 3M in the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. lifted 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 worth $26,000 after acquiring an additional 197 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of 3M during the 1st quarter worth approximately $32,000. Livelsberger Financial Advisory purchased a new stake in shares of 3M during the 4th quarter worth approximately $35,000. Finally, CGC Financial Services LLC lifted its position in shares of 3M by 89.9% during 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. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.