3M (NYSE:MMM) Shares Up 1.4%

Shares of 3M (NYSE:MMM) shot up 1.4% during trading on Thursday . The stock traded as high as $92.43 and last traded at $92.27. 704,956 shares traded hands during trading, a decline of 88% from the average session volume of 5,866,212 shares. The stock had previously closed at $90.96.

Analysts Set New Price Targets

Several brokerages recently commented on MMM. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Bank of America dropped their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. Citigroup increased their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. JPMorgan Chase & Co. dropped their price objective on shares of 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Royal Bank of Canada dropped their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.00.

3M Stock Up 1.0 %

The firm’s 50 day moving average price is $95.76 and its two-hundred day moving average price is $97.24. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping 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 business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the previous year, the firm earned $2.28 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts predict that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.54%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is -47.82%.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MMM. Tributary Capital Management LLC purchased a new position in 3M during the first quarter valued at approximately $25,000. Financial Freedom LLC bought a new stake in 3M in the fourth quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its position in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in 3M in the first quarter worth approximately $32,000. Finally, Briaud Financial Planning Inc bought a new stake in 3M in the third quarter worth approximately $35,000. 65.25% of the stock is 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'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.