3M (NYSE:MMM) Trading Down 0.6%

Shares of 3M (NYSE:MMM) were down 0.6% on Tuesday . The stock traded as low as $130.95 and last traded at $131.05. Approximately 671,052 shares traded hands during trading, a decline of 87% from the average daily volume of 5,231,458 shares. The stock had previously closed at $131.85.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MMM shares. UBS Group raised their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Wells Fargo & Company upped their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $123.57.

3M Price Performance

The company’s 50-day moving average price is $113.06 and its 200-day moving average price is $102.66. 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 firm has a market cap of $72.71 billion, a price-to-earnings ratio of -10.33, a PEG ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the firm posted $2.17 earnings per share. On average, equities research analysts forecast that 3M will post 7.21 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

Insider Activity at 3M

In other 3M 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 sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The shares were 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 Securities & Exchange Commission, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following 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. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 3M

Hedge funds have recently made changes to their positions in the company. Silver Oak Securities Incorporated increased its position in 3M by 7.0% during the fourth quarter. Silver Oak Securities Incorporated now owns 2,673 shares of the conglomerate’s stock worth $292,000 after buying an additional 174 shares during the period. Marco Investment Management LLC purchased a new position in shares of 3M during the fourth quarter worth approximately $248,000. Gilbert & Cook Inc. acquired a new position in shares of 3M in the 4th quarter valued at $481,000. Mather Group LLC. raised its position in 3M by 5.0% in the 4th quarter. Mather Group LLC. now owns 127,333 shares of the conglomerate’s stock valued at $13,920,000 after purchasing an additional 6,021 shares during the last quarter. Finally, Choreo LLC boosted its stake in 3M by 7.9% during the 4th quarter. Choreo LLC now owns 53,854 shares of the conglomerate’s stock worth $5,887,000 after purchasing an additional 3,927 shares during the period. Hedge funds and other institutional investors 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.