3M (NYSE:MMM) Stock Price Down 2.2%

Shares of 3M (NYSE:MMM) fell 2.2% during trading on Monday . The company traded as low as $119.57 and last traded at $122.50. 1,920,381 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 5,437,862 shares. The stock had previously closed at $125.24.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of recent analyst reports. UBS Group lifted their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. StockNews.com cut 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a report on Thursday, June 13th. Finally, Bank of America boosted their price target on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $123.57.

3M Stock Performance

The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The company has a 50 day simple moving average of $104.49 and a 200-day simple moving average of $99.34. The stock has a market capitalization of $68.45 billion, a price-to-earnings ratio of -9.63, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the previous year, the firm earned $2.17 earnings per share. As a group, equities research analysts expect that 3M will post 7.21 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders 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 2.25%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Fortis Capital Advisors LLC grew its stake in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after acquiring an additional 84 shares during the period. AMG National Trust Bank grew its stake in 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock valued at $340,000 after acquiring an additional 100 shares during the period. Platinum Investment Management Ltd. boosted its position in shares of 3M by 11.4% during the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock worth $108,000 after buying an additional 104 shares during the period. Allen Capital Group LLC boosted its position in shares of 3M by 0.5% during the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after buying an additional 105 shares during the period. Institutional investors own 65.25% of the company’s stock.

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.