3M (NYSE:MMM) Trading 0.3% Higher – Time to Buy?

Shares of 3M (NYSE:MMM) rose 0.3% during trading on Tuesday . The stock traded as high as $153.83 and last traded at $153.67. Approximately 547,161 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 4,027,325 shares. The stock had previously closed at $153.15.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MMM shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research note on Saturday, March 22nd. Barclays raised their price objective on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. boosted their target price on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Stock Down 2.8 %

The business’s 50-day moving average price is $149.34 and its 200-day moving average price is $137.99. The firm has a market capitalization of $80.61 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

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

3M Increases Dividend

The firm 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 1.97%. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Insider Activity at 3M

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at approximately $27,550,308.50. The trade was a 21.52 % 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 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

A number of institutional investors and hedge funds have recently made changes to their positions in MMM. Financial Life Planners acquired a new position in shares of 3M in the fourth quarter valued at $25,000. Proficio Capital Partners LLC acquired a new position in 3M in the 4th quarter valued at about $26,000. REAP Financial Group LLC raised its holdings in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 94 shares during the period. FSA Wealth Management LLC acquired a new stake in 3M during the third quarter worth approximately $27,000. Finally, Hazlett Burt & Watson Inc. bought a new stake in shares of 3M during the fourth quarter worth approximately $27,000. 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.