3M (NYSE:MMM) Shares Down 0.6%

3M (NYSE:MMM) shares traded down 0.6% on Friday . The stock traded as low as $126.02 and last traded at $126.43. 1,508,407 shares traded hands during trading, a decline of 72% from the average session volume of 5,333,413 shares. The stock had previously closed at $127.16.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wolfe Research raised shares of 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. UBS Group increased their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Wells Fargo & Company lifted their price objective on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. 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. Finally, 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 research note on Monday, July 29th. 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 company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $123.57.

3M Stock Performance

The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The company has a market cap of $70.28 billion, a P/E ratio of -9.97, a PEG ratio of 2.34 and a beta of 0.95. The business’s 50 day simple moving average is $109.16 and its 200 day simple moving average is $100.88.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period last year, the firm earned $2.17 EPS. Sell-side analysts predict that 3M will post 7.21 earnings per share for the current fiscal year.

Insider Transactions at 3M

In related 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 value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were 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 SEC, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction 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. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after acquiring an additional 377,703 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in 3M by 0.4% during 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 purchasing an additional 43,732 shares during the period. Bank of New York Mellon Corp lifted its holdings in 3M by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock worth $517,617,000 after buying an additional 533,520 shares during the period. Pacer Advisors Inc. grew its stake in 3M by 2.0% in the second quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock valued at $506,135,000 after purchasing an additional 97,340 shares during the last quarter. Finally, Norges Bank bought a new position in shares of 3M during the 4th quarter worth approximately $502,585,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

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.