3M (NYSE:MMM) Trading Down 0.4%

Shares of 3M (NYSE:MMM) dropped 0.4% during mid-day trading on Monday . The company traded as low as $122.56 and last traded at $123.64. Approximately 477,413 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 5,385,669 shares. The stock had previously closed at $124.17.

Analyst Ratings Changes

MMM has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Bank of America boosted their target price on shares of 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Royal Bank of Canada boosted their price target on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, 3M presently has an average rating of “Hold” and a consensus price target of $123.57.

3M Stock Up 0.6 %

The business has a 50-day moving average price of $108.04 and a 200 day moving average price of $100.52. The stock has a market capitalization of $69.77 billion, a P/E ratio of -9.85, a P/E/G ratio of 2.34 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period last year, the company posted $2.17 EPS. On average, equities analysts expect that 3M will post 7.21 EPS for the current fiscal year.

Insider Buying and Selling at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Large investors have recently bought and sold shares of the business. Tributary Capital Management LLC purchased a new stake in shares of 3M during the first quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the period. MFA Wealth Advisors LLC bought a new position in 3M in the 2nd quarter worth about $28,000. Meeder Asset Management Inc. increased its position in shares of 3M by 689.7% during the second quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the period. Finally, Northwest Investment Counselors LLC bought a new stake in shares of 3M during the first quarter valued at approximately $32,000. Hedge funds and other 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.