3M (NYSE:MMM) Share Price Crosses Above 200-Day Moving Average – What’s Next?

3M (NYSE:MMM)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $125.00 and traded as high as $130.05. 3M shares last traded at $129.09, with a volume of 2,219,565 shares.

Analyst Ratings Changes

MMM has been the topic of several recent analyst reports. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Wells Fargo & Company raised their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. boosted their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $144.60.

3M Stock Up 0.1 %

The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a 50 day moving average price of $130.02 and a 200-day moving average price of $125.03. The stock has a market capitalization of $70.73 billion, a P/E ratio of 16.40, a PEG ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same period in the previous year, the firm earned $2.68 EPS. The business’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. 3M’s dividend payout ratio is currently 35.35%.

Institutional Investors Weigh In On 3M

Large investors have recently made changes to their positions in the business. D.A. Davidson & CO. boosted its holdings in 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after acquiring an additional 20,421 shares in the last quarter. Franklin Resources Inc. increased its position in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after buying an additional 178,450 shares during the period. Ballentine Partners LLC raised its stake in 3M by 40.1% in the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC lifted its holdings in 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares during the period. Finally, Ausdal Financial Partners Inc. boosted its position in 3M by 6.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after acquiring an additional 249 shares in the last quarter. 65.25% of the stock is currently owned by 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.