3M (NYSE:MMM) Trading 1.4% Higher

3M (NYSE:MMM)’s stock price rose 1.4% during mid-day trading on Tuesday . The company traded as high as $94.04 and last traded at $93.91. Approximately 822,587 shares were traded during trading, a decline of 86% from the average daily volume of 5,766,302 shares. The stock had previously closed at $92.62.

Analyst Ratings Changes

Several equities research analysts have commented on MMM shares. Wells Fargo & Company cut their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. 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. Barclays reduced their price objective on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. lowered their target price on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Finally, StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, 3M has a consensus rating of “Hold” and an average price target of $104.00.

3M Stock Up 0.6 %

The firm has a market cap of $51.58 billion, a price-to-earnings ratio of -7.44, a P/E/G ratio of 1.63 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 firm has a fifty day simple moving average of $95.72 and a 200-day simple moving average of $97.40.

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

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.48%. 3M’s payout ratio is -47.82%.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 3M

A number of institutional investors have recently modified their holdings of MMM. F M Investments LLC boosted its position in 3M by 8.5% in the first quarter. F M Investments LLC now owns 2,056 shares of the conglomerate’s stock valued at $218,000 after buying an additional 161 shares in the last quarter. McAdam LLC acquired a new position in 3M in the 1st quarter worth about $205,000. Leverty Financial Group LLC grew its holdings in shares of 3M by 6.2% during the first quarter. Leverty Financial Group LLC now owns 22,012 shares of the conglomerate’s stock worth $2,335,000 after purchasing an additional 1,282 shares during the last quarter. Regatta Capital Group LLC increased its stake in shares of 3M by 4.7% in the first quarter. Regatta Capital Group LLC now owns 10,006 shares of the conglomerate’s stock valued at $1,061,000 after buying an additional 446 shares during the period. Finally, Principle Wealth Partners LLC raised its holdings in 3M by 0.4% in the 1st quarter. Principle Wealth Partners LLC now owns 44,286 shares of the conglomerate’s stock valued at $4,697,000 after buying an additional 184 shares during the last quarter. Institutional investors and hedge funds 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.