3M (NYSE:MMM) Stock Price Up 1.7%

3M (NYSE:MMM)’s share price shot up 1.7% during mid-day trading on Wednesday . The stock traded as high as $104.64 and last traded at $104.41. 855,026 shares were traded during mid-day trading, a decline of 83% from the average session volume of 5,067,411 shares. The stock had previously closed at $102.63.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MMM. StockNews.com started coverage on 3M in a research report on Wednesday. They set a “buy” rating for the company. Wells Fargo & Company decreased their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Barclays raised 3M from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $111.00 to $126.00 in a report on Tuesday, March 19th. Citigroup lowered their target price on 3M from $117.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and set a $84.00 price target on shares of 3M in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $107.60.

3M Stock Up 1.5 %

The company has a fifty day moving average price of $96.99 and a 200-day moving average price of $97.76. 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 firm has a market capitalization of $57.57 billion, a PE ratio of -8.24, a PEG ratio of 1.48 and a beta of 1.00.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion during 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 business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.28 earnings per share. As a group, analysts expect that 3M will post 9.77 earnings per share for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 5.80%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is presently -47.82%.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was 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 directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On 3M

A number of hedge funds and other institutional investors have recently bought and sold shares of MMM. Financial Freedom LLC acquired a new stake in 3M in the fourth quarter worth about $25,000. DHJJ Financial Advisors Ltd. acquired a new stake in shares of 3M during the third quarter worth $28,000. Briaud Financial Planning Inc acquired a new position in shares of 3M in the 3rd quarter valued at $35,000. Livelsberger Financial Advisory purchased a new position in 3M in the 4th quarter worth $35,000. Finally, Authentikos Wealth Advisory LLC acquired a new stake in 3M during the 3rd quarter worth about $37,000. Hedge funds and other 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 operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.