3M (NYSE:MMM) Stock Price Up 1.7%

3M (NYSE:MMM)’s share price was up 1.7% on Wednesday . The stock traded as high as $104.64 and last traded at $104.41. Approximately 855,026 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 5,067,411 shares. The stock had previously closed at $102.63.

Wall Street Analyst Weigh In

MMM has been the subject of several analyst reports. Wells Fargo & Company cut their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Citigroup dropped their target price on 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday. StockNews.com assumed coverage on 3M in a research note on Wednesday. They set a “buy” rating for the company. Finally, Royal Bank of Canada reiterated an “underperform” rating and set a $84.00 price target on shares of 3M in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $107.60.

3M Trading Up 1.4 %

The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The firm has a market cap of $58.61 billion, a P/E ratio of -8.40, a PEG ratio of 1.48 and a beta of 1.00. The firm’s fifty day moving average is $96.86 and its two-hundred day moving average is $97.78.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The firm had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the previous year, the firm posted $2.28 EPS. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Analysts predict that 3M will post 9.77 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 5.70%. 3M’s payout ratio is currently -47.82%.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 3M

Several large investors have recently made changes to their positions in the business. Fragasso Group Inc. raised its stake in shares of 3M by 3.8% in the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after buying an additional 93 shares during the period. Orion Portfolio Solutions LLC increased its holdings in 3M by 1.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate’s stock worth $1,182,000 after acquiring an additional 98 shares in the last quarter. McIlrath & Eck LLC raised its stake in 3M by 13.3% during the 4th quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate’s stock worth $100,000 after acquiring an additional 98 shares during the period. Vestcor Inc lifted its holdings in 3M by 0.8% during the fourth quarter. Vestcor Inc now owns 13,133 shares of the conglomerate’s stock valued at $1,575,000 after purchasing an additional 102 shares in the last quarter. Finally, Bollard Group LLC boosted its position in shares of 3M by 2.0% in the second quarter. Bollard Group LLC now owns 5,191 shares of the conglomerate’s stock worth $520,000 after purchasing an additional 103 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.