3M (NYSE:MMM) Trading Down 0.3%

3M (NYSE:MMM) shares traded down 0.3% on Wednesday . The stock traded as low as $95.01 and last traded at $95.25. 687,284 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 5,810,983 shares. The stock had previously closed at $95.54.

Analyst Ratings Changes

A number of brokerages recently issued reports on MMM. Wells Fargo & Company dropped their target price 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. Citigroup upped their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $111.00 in a report on Wednesday, May 1st. Royal Bank of Canada upped their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. Finally, Mizuho reissued a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $103.70.

3M Stock Performance

The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The stock’s 50 day simple moving average is $96.30 and its two-hundred day simple moving average is $97.84. The company has a market capitalization of $53.32 billion, a P/E ratio of -7.54, a P/E/G ratio of 1.79 and a beta of 1.00.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping the consensus estimate 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 negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the previous year, the company posted $1.97 EPS. As a group, research analysts expect that 3M will post 7.23 earnings per share for the current year.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s 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 completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On 3M

A number of institutional investors have recently made changes to their positions in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of 3M by 15.4% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after acquiring an additional 14,775 shares during the period. Shoker Investment Counsel Inc. grew its holdings in shares of 3M by 49.7% in the 3rd quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after buying an additional 5,561 shares during the period. MWA Asset Management bought a new stake in shares of 3M in the 4th quarter valued at $1,723,000. Diversified Trust Co raised its stake in 3M by 1.4% during the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after buying an additional 263 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in 3M during the third quarter worth about $11,908,000. 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.