3M (NYSE:MMM) Shares Down 0.4% – What’s Next?

3M (NYSE:MMM) dropped 0.4% on Wednesday . The stock traded as low as $128.29 and last traded at $128.75. Approximately 531,621 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 4,919,210 shares. The stock had previously closed at $129.27.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MMM. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Mizuho increased their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Barclays increased their price objective on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, 3M presently has an average rating of “Hold” and an average price target of $139.27.

3M Trading Down 0.9 %

The stock has a market capitalization of $70.89 billion, a P/E ratio of -10.12, a price-to-earnings-growth ratio of 2.42 and a beta of 0.95. The stock’s fifty day moving average price is $133.10 and its two-hundred day moving average price is $114.71. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.68 earnings per share. Equities research analysts forecast that 3M will post 7.26 EPS for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

Several institutional investors and hedge funds have recently modified their holdings of MMM. Ballentine Partners LLC raised its stake in 3M by 40.1% in the third quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after buying an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC lifted its stake in shares of 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the period. Ausdal Financial Partners Inc. boosted its position in shares of 3M by 6.7% during the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock valued at $408,000 after purchasing an additional 249 shares in the last quarter. Candriam S.C.A. raised its holdings in 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock worth $3,931,000 after purchasing an additional 6,185 shares in the last quarter. Finally, True Vision MN LLC purchased a new position in 3M during the second quarter valued at $512,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

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.