3M (NYSE:MMM) Trading 0.2% Higher

3M (NYSE:MMM) rose 0.2% during trading on Monday . The company traded as high as $92.59 and last traded at $92.04. Approximately 916,322 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 5,667,077 shares. The stock had previously closed at $91.83.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MMM shares. Wells Fargo & Company reduced their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Barclays dropped their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Royal Bank of Canada decreased their price target 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. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $111.00 in a research note on Wednesday. Finally, StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $104.10.

3M Stock Up 4.7 %

The business’s 50 day moving average is $95.82 and its 200 day moving average is $97.54. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The company has a market cap of $53.40 billion, a P/E ratio of -7.64, a P/E/G ratio of 1.75 and a beta of 1.02.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS 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 analyst estimates of $7.64 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. During the same period in the previous year, the company posted $1.97 EPS. As a group, equities analysts anticipate that 3M will post 8.19 earnings per share for the current fiscal year.

3M Increases Dividend

The company 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 annualized dividend and a dividend yield of 6.26%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is presently -47.82%.

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 transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.38% of the company’s stock.

Institutional Trading of 3M

A number of institutional investors have recently made changes to their positions in MMM. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 317,483 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 3M by 0.4% in the 4th 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 in the last quarter. Norges Bank purchased a new stake in 3M during the 4th quarter worth 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 shares of 3M by 2.4% in the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after buying an additional 94,864 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

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.