3M (NYSE:MMM) Stock Price Down 0.5%

3M (NYSE:MMM)’s share price traded down 0.5% on Wednesday . The stock traded as low as $103.46 and last traded at $104.25. 577,870 shares traded hands during trading, a decline of 89% from the average session volume of 5,206,911 shares. The stock had previously closed at $104.73.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MMM shares. HSBC upgraded 3M from a “hold” rating to a “buy” rating and raised their price objective for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research note on Thursday, June 13th. StockNews.com assumed coverage on shares of 3M in a report on Thursday, June 6th. They issued a “buy” rating on the stock. Barclays raised their target price on shares of 3M from $118.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Finally, Wells Fargo & Company upped their price target on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $112.17.

3M Stock Performance

The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The firm has a market capitalization of $57.13 billion, a PE ratio of -8.14, a price-to-earnings-growth ratio of 1.95 and a beta of 0.95. The firm’s 50 day moving average price is $101.60 and its 200-day moving average price is $98.64.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The company had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the business posted $1.97 earnings per share. On average, research analysts expect that 3M will post 7.17 EPS for the current year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.71%. 3M’s dividend payout ratio is currently -22.01%.

Hedge Funds Weigh In On 3M

A number of large investors have recently added to or reduced their stakes in MMM. Norges Bank purchased a new stake in shares of 3M during the fourth quarter worth about $502,585,000. Balyasny Asset Management L.P. boosted its holdings in 3M by 313.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares during the last quarter. Capital World Investors purchased a new stake in 3M during the 1st quarter worth approximately $165,986,000. Los Angeles Capital Management LLC raised its holdings in shares of 3M by 157.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock valued at $197,377,000 after acquiring an additional 1,103,459 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of 3M by 8,766.0% during the fourth quarter. International Assets Investment Management LLC now owns 1,080,940 shares of the conglomerate’s stock valued at $118,168,000 after acquiring an additional 1,068,748 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.