3M (NYSE:MMM – Get Free Report) was down 0.5% on Wednesday . The stock traded as low as $103.46 and last traded at $104.25. Approximately 577,870 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 5,206,911 shares. The stock had previously closed at $104.73.
Analysts Set New Price Targets
A number of analysts recently issued reports on the company. UBS Group increased their price objective on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Mizuho reaffirmed a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. StockNews.com initiated coverage on shares of 3M in a report on Thursday, June 6th. They issued a “buy” rating for the company. Finally, Wells Fargo & Company upped their price target on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and an average target price of $112.17.
3M Price Performance
The firm’s 50-day moving average is $101.60 and its 200-day moving average is $98.64. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The company has a market capitalization of $57.13 billion, a PE ratio of -8.14, a price-to-earnings-growth ratio of 1.95 and a beta of 0.95.
3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to analysts’ expectations 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 business earned $1.97 EPS. Equities analysts predict that 3M will post 7.17 earnings per share for the current fiscal year.
3M Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. 3M’s dividend payout ratio (DPR) is -22.01%.
Institutional Trading of 3M
Several hedge funds have recently added to or reduced their stakes in the business. Tributary Capital Management LLC bought a new stake in shares of 3M in the 1st quarter valued at about $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 valued at $26,000 after purchasing an additional 197 shares during the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the second quarter valued at approximately $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of 3M during the first quarter valued at approximately $32,000. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M in the second quarter worth approximately $33,000. 65.25% of the stock is 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.