3M (NYSE:MMM) Stock Price Down 1.1%

3M (NYSE:MMM) dropped 1.1% during trading on Thursday . The stock traded as low as $90.65 and last traded at $90.97. Approximately 736,467 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 5,715,418 shares. The stock had previously closed at $92.02.

Analyst Ratings Changes

MMM has been the subject of several recent analyst reports. Royal Bank of Canada reduced their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating for the company in a research note on Tuesday, April 2nd. Barclays cut their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Bank of America cut their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $104.00.

3M Trading Up 0.4 %

The business’s fifty day moving average price is $95.71 and its 200 day moving average price is $97.37. The firm has a market capitalization of $50.80 billion, a PE ratio of -7.27, a P/E/G ratio of 1.73 and a beta of 1.02. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the previous year, the firm earned $2.28 earnings per share. 3M’s revenue was down 1.1% compared to the same quarter last year. As a group, analysts expect that 3M will post 8.19 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently declared 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. This represents a $6.04 dividend on an annualized basis and a yield of 6.58%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is -47.82%.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is available at this link. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Hourglass Capital LLC raised its holdings in 3M by 62.3% in the first quarter. Hourglass Capital LLC now owns 50,366 shares of the conglomerate’s stock valued at $5,342,000 after acquiring an additional 19,330 shares in the last quarter. Pavion Blue Capital LLC raised its holdings in 3M by 23.4% in the first quarter. Pavion Blue Capital LLC now owns 5,181 shares of the conglomerate’s stock valued at $550,000 after acquiring an additional 981 shares in the last quarter. Advisors Management Group Inc. ADV increased its stake in 3M by 9.3% during the first quarter. Advisors Management Group Inc. ADV now owns 14,506 shares of the conglomerate’s stock valued at $1,539,000 after purchasing an additional 1,229 shares during the last quarter. MBA Advisors LLC increased its stake in 3M by 17.2% during the first quarter. MBA Advisors LLC now owns 2,581 shares of the conglomerate’s stock valued at $274,000 after purchasing an additional 378 shares during the last quarter. Finally, Yousif Capital Management LLC increased its stake in 3M by 8.5% during the first quarter. Yousif Capital Management LLC now owns 149,038 shares of the conglomerate’s stock valued at $15,809,000 after purchasing an additional 11,635 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

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.