3M (NYSE:MMM) Stock Price Down 0.1%

3M (NYSE:MMM) dropped 0.1% during trading on Tuesday . The company traded as low as $104.17 and last traded at $104.84. Approximately 482,114 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 5,227,670 shares. The stock had previously closed at $104.97.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MMM. Royal Bank of Canada boosted their price objective on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. Citigroup increased their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. UBS Group increased their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Barclays boosted their target price on 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company lifted their price objective on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $112.17.

3M Stock Up 0.1 %

The stock’s fifty day moving average is $101.64 and its 200 day moving average is $98.67. 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 capitalization of $57.22 billion, a P/E ratio of -8.14, a price-to-earnings-growth ratio of 1.95 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate 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 in the prior year, the business earned $1.97 EPS. Research analysts predict that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently declared 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 of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.71%. 3M’s payout ratio is -22.01%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MMM. Tributary Capital Management LLC purchased a new stake in 3M during the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. MFA Wealth Advisors LLC purchased a new stake in shares of 3M during the 2nd quarter valued at about $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of 3M during the 1st quarter valued at about $32,000. Finally, TruNorth Capital Management LLC bought a new position in shares of 3M in the 2nd quarter worth approximately $33,000. 65.25% of the stock is currently owned by institutional investors.

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.