3M (NYSE:MMM) Stock Price Up 1.6%

3M (NYSE:MMM) shot up 1.6% during trading on Thursday . The stock traded as high as $103.36 and last traded at $103.12. 649,849 shares changed hands during trading, a decline of 88% from the average session volume of 5,491,938 shares. The stock had previously closed at $101.45.

Analyst Upgrades and Downgrades

MMM has been the subject of a number of analyst reports. StockNews.com started coverage on shares of 3M in a report on Thursday, June 6th. They set a “buy” rating for the company. Barclays upped their price objective on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Royal Bank of Canada boosted their price target on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Finally, Vertical Research raised 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $111.58.

3M Price Performance

The company has a market capitalization of $57.49 billion, a price-to-earnings ratio of -8.17, a P/E/G ratio of 1.92 and a beta of 0.96. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The stock has a fifty day simple moving average of $98.80 and a 200-day simple moving average of $99.26.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. During the same period last year, the business posted $1.97 earnings per share. On average, equities research analysts anticipate that 3M will post 7.09 EPS for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is currently -22.01%.

Institutional Investors Weigh In On 3M

Several hedge funds have recently made changes to their positions in the business. Dark Forest Capital Management LP acquired a new position in 3M during the third quarter worth $535,000. Trexquant Investment LP increased its holdings in 3M by 448.0% during the 3rd quarter. Trexquant Investment LP now owns 43,787 shares of the conglomerate’s stock valued at $4,099,000 after acquiring an additional 35,796 shares in the last quarter. Synovus Financial Corp raised its position in 3M by 10.5% during the third quarter. Synovus Financial Corp now owns 58,585 shares of the conglomerate’s stock worth $5,486,000 after acquiring an additional 5,571 shares during the last quarter. Bank of Nova Scotia lifted its holdings in shares of 3M by 11.7% in the third quarter. Bank of Nova Scotia now owns 61,541 shares of the conglomerate’s stock valued at $5,762,000 after purchasing an additional 6,425 shares in the last quarter. Finally, Cape Cod Five Cents Savings Bank raised its position in shares of 3M by 59.2% during the 3rd quarter. Cape Cod Five Cents Savings Bank now owns 30,320 shares of the conglomerate’s stock worth $2,839,000 after purchasing an additional 11,269 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.