3M (NYSE:MMM) Shares Up 1.1% – Time to Buy?

Shares of 3M (NYSE:MMM) shot up 1.1% during mid-day trading on Tuesday . The company traded as high as $148.05 and last traded at $148.52. 1,202,608 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 4,116,754 shares. The stock had previously closed at $146.86.

Analysts Set New Price Targets

A number of research firms recently weighed in on MMM. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Saturday, March 22nd. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. increased their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Price Performance

The stock has a 50-day moving average of $149.71 and a two-hundred day moving average of $138.56. The firm has a market cap of $77.70 billion, a price-to-earnings ratio of 19.12, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last announced its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period last year, the company posted $2.42 earnings per share. The business’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is 38.68%.

Insider Activity at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now directly owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Hedge funds have recently bought and sold shares of the business. Norges Bank bought a new position in shares of 3M in the 4th quarter valued at approximately $636,767,000. Invesco Ltd. grew its stake in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after buying an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. bought a new position in 3M in the 4th quarter worth $175,110,000. Capital World Investors lifted its position in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the last quarter. Finally, Amundi boosted its holdings in 3M by 55.7% during the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after acquiring an additional 898,244 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

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.