3M (NYSE:MMM – Get Free Report)’s stock price was up 0.6% on Monday . The company traded as high as $103.22 and last traded at $103.03. Approximately 459,346 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 5,541,350 shares. The stock had previously closed at $102.39.
Analysts Set New Price Targets
A number of analysts have recently weighed in on MMM shares. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, June 13th. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and upped their price target for the stock from $105.00 to $120.00 in a research note on Friday, June 7th. Mizuho reiterated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Finally, Citigroup upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $111.58.
3M Stock Up 0.6 %
The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The stock has a market capitalization of $56.99 billion, a P/E ratio of -8.10, a P/E/G ratio of 1.91 and a beta of 0.96. The business has a 50-day moving average price of $98.13 and a 200 day moving average price of $99.26.
3M (NYSE:MMM – Get Free Report) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the prior year, the company earned $1.97 EPS. On average, equities analysts expect that 3M will post 7.09 EPS for the current fiscal year.
3M Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.72%. 3M’s dividend payout ratio is presently -22.01%.
Institutional Trading of 3M
A number of institutional investors have recently bought and sold shares of MMM. Tributary Capital Management LLC bought a new stake in 3M in the first quarter worth $25,000. Financial Synergies Wealth Advisors Inc. lifted 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 buying an additional 197 shares during the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of 3M during the first quarter worth $32,000. Livelsberger Financial Advisory bought a new stake in shares of 3M during the fourth quarter worth $35,000. Finally, CGC Financial Services LLC lifted its position in shares of 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after purchasing an additional 160 shares during 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.