3M (NYSE:MMM) Stock Price Up 0.7% – Here’s What Happened

3M (NYSE:MMM) traded up 0.7% on Wednesday . The stock traded as high as $152.13 and last traded at $151.93. 329,367 shares traded hands during trading, a decline of 92% from the average session volume of 4,073,809 shares. The stock had previously closed at $150.92.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MMM. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $149.13.

3M Stock Down 1.6 %

The company has a market cap of $80.81 billion, a PE ratio of 19.69, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company’s 50 day moving average is $147.96 and its 200 day moving average is $137.36.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.42 earnings per share. As a group, analysts predict that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.96%. 3M’s dividend payout ratio (DPR) is 38.68%.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. This trade represents a 24.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

A number of large investors have recently made changes to their positions in the business. Financial Life Planners purchased a new position in 3M during the 4th quarter worth $25,000. FSA Wealth Management LLC acquired a new position in shares of 3M during the third quarter valued at about $27,000. REAP Financial Group LLC boosted its stake in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 94 shares in the last quarter. Hazlett Burt & Watson Inc. purchased a new stake in 3M during the 4th quarter worth approximately $27,000. Finally, Pinney & Scofield Inc. acquired a new position in 3M during the 4th quarter valued at approximately $28,000. 65.25% of the stock is owned by institutional investors and hedge funds.

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.