3M (NYSE:MMM) Stock Price Up 0.6%

3M (NYSE:MMM) shares rose 0.6% during mid-day trading on Monday . The stock traded as high as $103.22 and last traded at $103.03. Approximately 459,346 shares changed hands during trading, a decline of 92% from the average daily volume of 5,541,350 shares. The stock had previously closed at $102.39.

Wall Street Analysts Forecast Growth

MMM has been the topic of several analyst reports. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. UBS Group upped their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. StockNews.com began coverage on 3M in a research note on Thursday, June 6th. They issued a “buy” rating on the stock. Mizuho restated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Finally, Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research note on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, 3M currently has an average rating of “Hold” and an average price target of $111.58.

3M Stock Performance

The company has a 50 day moving average price of $98.59 and a 200-day moving average price of $99.24. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The company has a market cap of $56.14 billion, a P/E ratio of -7.98, a price-to-earnings-growth ratio of 1.92 and a beta of 0.96.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for 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 quarter in the previous year, the company posted $1.97 EPS. On average, equities analysts expect that 3M will post 7.09 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently announced 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 2.76%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is presently -22.01%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Abich Financial Wealth Management LLC lifted its stake in shares of 3M by 64.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,476 shares of the conglomerate’s stock valued at $157,000 after purchasing an additional 579 shares during the period. Birmingham Capital Management Co. Inc. AL lifted its stake in shares of 3M by 3.1% in the 1st quarter. Birmingham Capital Management Co. Inc. AL now owns 40,943 shares of the conglomerate’s stock valued at $4,343,000 after purchasing an additional 1,236 shares during the period. Cetera Advisors LLC lifted its stake in shares of 3M by 202.8% in the 1st quarter. Cetera Advisors LLC now owns 46,615 shares of the conglomerate’s stock valued at $4,944,000 after purchasing an additional 31,221 shares during the period. Cetera Investment Advisers lifted its stake in shares of 3M by 160.2% in the 1st quarter. Cetera Investment Advisers now owns 166,132 shares of the conglomerate’s stock valued at $17,622,000 after purchasing an additional 102,284 shares during the period. Finally, First City Capital Management Inc. lifted its stake in shares of 3M by 12.9% in the 1st quarter. First City Capital Management Inc. now owns 7,126 shares of the conglomerate’s stock valued at $756,000 after purchasing an additional 816 shares during the period. 65.25% of the stock is 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.