3M (NYSE:MMM) Stock Price Up 1.4%

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

Wall Street Analysts Forecast Growth

MMM has been the subject of several recent analyst reports. Barclays lowered their price target on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. JPMorgan Chase & Co. decreased their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Citigroup increased their price objective on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. Finally, Royal Bank of Canada decreased their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $104.00.

3M Stock Down 1.1 %

The stock has a 50-day moving average price of $95.72 and a 200-day moving average price of $97.39. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

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, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same period last year, the firm posted $2.28 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. As a group, equities research analysts anticipate that 3M will post 7.87 earnings per share for the current fiscal 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 $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.56%. 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 (DPR) is presently -47.82%.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on 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 sale, 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 accessible through the SEC website. 0.34% of the stock is currently owned by insiders.

Institutional Trading of 3M

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after purchasing an additional 317,483 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in 3M by 0.4% in 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 in the last quarter. Norges Bank acquired a new position in 3M in the 4th quarter valued at $502,585,000. Invesco Ltd. raised its holdings in 3M by 2.4% in 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 in the last quarter. Finally, Nuance Investments LLC raised its holdings in 3M by 10.1% in 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 in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

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.