3M (NYSE:MMM – Get Free Report)’s share price shot up 0.2% on Tuesday . The company traded as high as $107.00 and last traded at $105.02. 1,567,750 shares were traded during mid-day trading, a decline of 69% from the average session volume of 4,983,528 shares. The stock had previously closed at $104.80.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on MMM. Mizuho decreased their target price on shares of 3M from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. StockNews.com started coverage on shares of 3M in a research report on Tuesday. They set a “buy” rating on the stock. Barclays upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $111.00 to $126.00 in a report on Tuesday. Citigroup dropped their price target on shares of 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada dropped their price target on shares of 3M from $85.00 to $84.00 and set an “underperform” rating for the company in a research note on Thursday, March 7th. 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $107.60.
3M Trading Up 0.2 %
The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The business’s 50 day moving average price is $97.18 and its 200-day moving average price is $97.76. The firm has a market capitalization of $58.06 billion, a price-to-earnings ratio of -8.32, a price-to-earnings-growth ratio of 1.49 and a beta of 1.00.
3M (NYSE:MMM – Get Free Report) last issued its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $8.01 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same period in the prior year, the business posted $2.28 earnings per share. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities analysts forecast that 3M will post 9.77 EPS for the current fiscal year.
3M Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date of this dividend 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 5.75%. 3M’s dividend payout ratio is currently -47.82%.
Insider Activity
In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the 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 sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.51% of the company’s stock.
Hedge Funds Weigh In On 3M
Institutional investors and hedge funds have recently modified their holdings of the company. Hennessy Advisors Inc. boosted its holdings in shares of 3M by 11.1% in the 4th quarter. Hennessy Advisors Inc. now owns 41,400 shares of the conglomerate’s stock valued at $4,526,000 after purchasing an additional 4,150 shares during the last quarter. Leo Wealth LLC acquired a new position in shares of 3M in the 4th quarter valued at $350,000. Yeomans Consulting Group Inc. acquired a new position in shares of 3M in the 4th quarter valued at $374,000. Rovin Capital UT ADV boosted its holdings in shares of 3M by 15.3% in the 4th quarter. Rovin Capital UT ADV now owns 5,235 shares of the conglomerate’s stock valued at $572,000 after purchasing an additional 694 shares during the last quarter. Finally, Spartan Planning & Wealth Management lifted its holdings in shares of 3M by 36,800.0% during the 4th quarter. Spartan Planning & Wealth Management now owns 738 shares of the conglomerate’s stock valued at $81,000 after acquiring an additional 736 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.
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.