3M (NYSE:MMM) Trading 0.2% Higher

3M (NYSE:MMMGet Free Report) shares traded up 0.2% during mid-day trading on Wednesday . The stock traded as high as $101.47 and last traded at $100.77. 3,446,167 shares traded hands during trading, a decline of 25% from the average session volume of 4,616,670 shares. The stock had previously closed at $100.53.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Mizuho reissued a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. 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, May 1st. StockNews.com began coverage on shares of 3M in a research note on Thursday, June 6th. They set a “buy” rating on the stock. Finally, HSBC raised shares of 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $111.58.

View Our Latest Analysis on 3M

3M Stock Performance

The stock’s fifty day moving average is $97.58 and its two-hundred day moving average is $99.28. The firm has a market capitalization of $55.76 billion, a price-to-earnings ratio of -7.92, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to analyst estimates 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 period last year, the business earned $1.97 EPS. Analysts forecast that 3M will post 7.09 earnings per share for the current year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio is currently -22.01%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Fragasso Group Inc. grew its holdings in 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after acquiring an additional 93 shares in the last quarter. Bangor Savings Bank lifted its position in shares of 3M by 1.0% in the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after buying an additional 104 shares during the last quarter. Platinum Investment Management Ltd. lifted its position in shares of 3M by 11.4% in the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock worth $108,000 after buying an additional 104 shares during the last quarter. Allen Capital Group LLC lifted its position in shares of 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in shares of 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after buying an additional 105 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Company Profile

(Get Free Report)

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.

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