3M (NYSE:MMM) Stock Price Down 0.9%

3M (NYSE:MMM) shares traded down 0.9% during trading on Thursday . The company traded as low as $96.65 and last traded at $97.56. 1,766,843 shares changed hands during trading, a decline of 70% from the average session volume of 5,860,234 shares. The stock had previously closed at $98.44.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. UBS Group raised their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday. Barclays reduced their target price on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $110.00 to $111.00 in a report on Wednesday. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Finally, Royal Bank of Canada increased their price target on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average price target of $103.70.

3M Stock Up 0.4 %

The firm has a market cap of $53.76 billion, a P/E ratio of -7.64, a price-to-earnings-growth ratio of 1.78 and a beta of 1.00. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm has a fifty day moving average of $96.05 and a 200-day moving average of $97.54.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter last year, the company earned $1.97 earnings per share. On average, equities research analysts anticipate that 3M will post 7.26 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. 3M’s payout ratio is currently -47.48%.

Insider Transactions at 3M

In other 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 transaction, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of 3M by 0.7% in the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after purchasing an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. grew its stake in 3M by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after purchasing an additional 43,732 shares during the period. Norges Bank bought a new position in 3M during the 4th quarter valued at approximately $502,585,000. Bank of New York Mellon Corp increased its stake in 3M by 10.6% during the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock valued at $480,680,000 after purchasing an additional 435,439 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in 3M by 2.4% in the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after acquiring an additional 94,864 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.