3M (NYSE:MMM) Shares Up 2% – Time to Buy?

3M (NYSE:MMM)’s stock price shot up 2% during mid-day trading on Monday . The company traded as high as $153.40 and last traded at $153.31. 502,325 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 4,018,078 shares. The stock had previously closed at $150.36.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MMM. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research note on Saturday. Barclays boosted their price target on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Bank of America boosted their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $149.13.

3M Trading Up 0.2 %

The business’s fifty day moving average price is $149.05 and its 200 day moving average price is $137.88. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $83.35 billion, a PE ratio of 20.34, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period in the prior year, the firm posted $2.42 earnings per share. The firm’s revenue was down 25.0% on a year-over-year basis. As a group, analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.90%. This is a positive change from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Buying and Selling at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the sale, the insider now owns 5,153 shares of the company’s stock, valued at $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last ninety days. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

Institutional investors and hedge funds have recently bought and sold shares of the business. Summit Trail Advisors LLC raised its position in shares of 3M by 30.1% during the 3rd quarter. Summit Trail Advisors LLC now owns 4,271 shares of the conglomerate’s stock worth $584,000 after purchasing an additional 987 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in 3M during the 3rd quarter worth $329,000. Harvest Fund Management Co. Ltd increased its position in 3M by 45.9% in the third quarter. Harvest Fund Management Co. Ltd now owns 10,293 shares of the conglomerate’s stock worth $1,407,000 after buying an additional 3,236 shares during the period. Independent Advisor Alliance increased its position in 3M by 43.8% in the third quarter. Independent Advisor Alliance now owns 23,431 shares of the conglomerate’s stock worth $3,203,000 after buying an additional 7,140 shares during the period. Finally, DRW Securities LLC bought a new stake in 3M in the third quarter valued at $569,000. Institutional investors and hedge funds 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.