3M (NYSE:MMM) Trading Down 0.1%

3M (NYSE:MMM)’s share price dropped 0.1% during mid-day trading on Tuesday . The company traded as low as $100.54 and last traded at $100.98. Approximately 425,633 shares changed hands during trading, a decline of 92% from the average daily volume of 5,365,820 shares. The stock had previously closed at $101.10.

Analyst Ratings Changes

MMM has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Royal Bank of Canada upped their target price on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price for the company in a research report on Thursday, June 13th. Citigroup upped their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, Mizuho reaffirmed a “neutral” rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $112.17.

3M Trading Up 1.5 %

The business has a fifty day moving average price of $100.46 and a 200 day moving average price of $99.00. 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 company has a market capitalization of $57.11 billion, a price-to-earnings ratio of -8.11, a price-to-earnings-growth ratio of 1.88 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS 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 positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the prior year, the company posted $1.97 earnings per share. On average, equities analysts expect that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. 3M’s payout ratio is -22.01%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after acquiring an additional 377,703 shares during the period. Charles Schwab Investment Management Inc. grew its position 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 valued at $1,320,649,000 after acquiring an additional 43,732 shares during the period. Norges Bank bought a new stake in 3M in the fourth quarter valued at $502,585,000. Bank of New York Mellon Corp grew its holdings in shares of 3M by 10.6% during the first quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after purchasing an additional 435,439 shares during the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. 65.25% of the stock is currently 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.