3M (NYSE:MMM) Shares Up 0.1% – Still a Buy?

Shares of 3M (NYSE:MMM) were up 0.1% during mid-day trading on Wednesday . The stock traded as high as $154.43 and last traded at $153.60. Approximately 293,218 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 4,001,932 shares. The stock had previously closed at $153.50.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Citigroup boosted their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America boosted their target price on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Finally, Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price target on shares of 3M in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Stock Down 2.5 %

The stock’s fifty day simple moving average is $149.52 and its 200-day simple moving average is $138.06. The stock has a market cap of $78.58 billion, a P/E ratio of 19.17, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the company posted $2.42 earnings per share. The firm’s revenue for the quarter was down 25.0% compared to the same quarter last year. As a group, research analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is 38.68%.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the transaction, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its holdings in shares of 3M by 1.1% during the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock worth $3,717,503,000 after buying an additional 302,900 shares in the last quarter. Geode Capital Management LLC grew its position in 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate’s stock worth $1,493,655,000 after acquiring an additional 280,048 shares during the last quarter. Northern Trust Corp increased its holdings in 3M by 12.6% in the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate’s stock worth $871,738,000 after purchasing an additional 755,155 shares in the last quarter. Capital World Investors raised its position in 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of 3M by 9.2% during the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock valued at $734,456,000 after purchasing an additional 479,621 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

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.