3M (NYSE:MMM) Trading Down 1.3%

3M (NYSE:MMM) shares fell 1.3% during mid-day trading on Monday . The stock traded as low as $124.26 and last traded at $125.46. 4,065,742 shares changed hands during trading, a decline of 25% from the average session volume of 5,405,200 shares. The stock had previously closed at $127.16.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MMM. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday. HSBC upgraded 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $91.13 to $115.00 in a report on Friday, May 10th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a report on Thursday, June 13th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Finally, Barclays boosted their price target on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $121.92.

3M Stock Down 1.9 %

The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The stock has a market cap of $69.00 billion, a PE ratio of -9.81, a P/E/G ratio of 2.36 and a beta of 0.95. The business has a 50 day moving average price of $102.05 and a 200 day moving average price of $98.69.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same quarter in the prior year, the business earned $2.17 earnings per share. Equities research analysts expect that 3M will post 7.19 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.25%. 3M’s dividend payout ratio is currently -22.01%.

Hedge Funds Weigh In On 3M

Hedge funds have recently bought and sold shares of the business. Jade Capital Advisors LLC acquired a new position in shares of 3M during the fourth quarter valued at approximately $4,373,000. MWA Asset Management acquired a new position in shares of 3M during the fourth quarter valued at approximately $1,723,000. Scarborough Advisors LLC acquired a new position in shares of 3M during the fourth quarter valued at approximately $978,000. KMG Fiduciary Partners LLC raised its holdings in shares of 3M by 2.2% during the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares during the last quarter. Finally, Norden Group LLC raised its holdings in shares of 3M by 1,381.0% during the first quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock valued at $6,930,000 after acquiring an additional 60,929 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.