3M (NYSE:MMM – Get Free Report)’s stock price rose 0.7% during trading on Monday . The stock traded as high as $92.78 and last traded at $91.92. Approximately 1,117,545 shares were traded during trading, a decline of 81% from the average daily volume of 5,974,752 shares. The stock had previously closed at $91.31.
Analyst Ratings Changes
Several equities analysts have recently weighed in on MMM shares. Barclays decreased their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Citigroup upped their target price on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com began coverage on shares of 3M in a research report on Thursday, April 4th. They issued a “buy” rating for the company. Wells Fargo & Company lowered their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Finally, Bank of America decreased their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has an average rating of “Hold” and an average target price of $103.50.
3M Price Performance
The stock has a 50-day moving average price of $95.95 and a 200 day moving average price of $97.34. The firm has a market cap of $50.46 billion, a price-to-earnings ratio of -7.24, a PEG ratio of 1.61 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.
3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. The firm had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.28 EPS. As a group, equities research analysts forecast that 3M will post 8.79 earnings per share for the current fiscal year.
3M Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 6.62%. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is presently -47.82%.
Insider Activity
In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.38% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the business. Markel Corp grew its position in 3M by 6.5% during the first quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after buying an additional 16,550 shares during the period. Axiom Financial Strategies LLC increased its stake in 3M by 5.3% in the 1st quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock valued at $942,000 after purchasing an additional 326 shares in the last quarter. Dakota Wealth Management acquired a new position in 3M during the first quarter worth $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in 3M by 17.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock worth $972,000 after purchasing an additional 977 shares during the last quarter. Finally, Covestor Ltd boosted its position in 3M by 73.0% during the first quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock worth $190,000 after purchasing an additional 538 shares in the last quarter. Institutional investors and hedge funds 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.