3M (NYSE:MMM) Shares Down 0.5%

3M (NYSE:MMM) was down 0.5% on Wednesday . The company traded as low as $103.46 and last traded at $104.25. Approximately 577,870 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 5,206,911 shares. The stock had previously closed at $104.73.

Analyst Ratings Changes

A number of research analysts have commented on MMM shares. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Barclays lifted their price objective on 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Finally, Citigroup upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $112.17.

3M Price Performance

The stock has a 50-day simple moving average of $101.61 and a 200 day simple moving average of $98.71. The stock has a market capitalization of $70.37 billion, a P/E ratio of -9.95, a price-to-earnings-growth ratio of 1.92 and a beta of 0.95. 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:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.27. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the firm posted $2.17 earnings per share. On average, equities analysts forecast that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is -22.01%.

Hedge Funds Weigh In On 3M

Several large investors have recently bought and sold shares of the business. AustralianSuper Pty Ltd raised its position in shares of 3M by 33.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 609,344 shares of the conglomerate’s stock valued at $62,269,000 after acquiring an additional 151,726 shares during the last quarter. AlphaStar Capital Management LLC grew its stake in shares of 3M by 16.6% during the second quarter. AlphaStar Capital Management LLC now owns 5,167 shares of the conglomerate’s stock worth $528,000 after purchasing an additional 736 shares during the period. Verdence Capital Advisors LLC increased its holdings in 3M by 14.3% in the second quarter. Verdence Capital Advisors LLC now owns 17,544 shares of the conglomerate’s stock valued at $1,793,000 after purchasing an additional 2,201 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in 3M by 11.8% in the second quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after buying an additional 533,520 shares during the period. Finally, Bristlecone Advisors LLC boosted its holdings in 3M by 8.0% during the second quarter. Bristlecone Advisors LLC now owns 18,900 shares of the conglomerate’s stock worth $1,931,000 after buying an additional 1,402 shares during the last quarter. 65.25% of the stock is currently 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.