3M (NYSE:MMM) Stock Price Up 2% – What’s Next?

3M (NYSE:MMM) traded up 2% on Monday . The company traded as high as $153.40 and last traded at $153.31. 502,325 shares were traded during trading, a decline of 87% from the average session volume of 4,018,078 shares. The stock had previously closed at $150.36.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MMM shares. Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. JPMorgan Chase & Co. boosted their price target on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Citigroup increased their price objective on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Bank of America boosted their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, 3M has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Price Performance

The stock’s 50 day moving average is $149.05 and its two-hundred day moving average is $137.88. The stock has a market capitalization of $83.35 billion, a PE ratio of 20.34, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

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

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is currently 38.68%.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $150.25, for a total value of $247,161.25. Following the transaction, the insider now directly owns 5,153 shares of the company’s stock, valued at $774,238.25. This trade represents a 24.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Theresa E. Reinseth sold 2,309 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

Institutional investors and hedge funds have recently made changes to their positions in the company. Summit Trail Advisors LLC grew its position in shares of 3M by 30.1% during the third quarter. Summit Trail Advisors LLC now owns 4,271 shares of the conglomerate’s stock worth $584,000 after acquiring an additional 987 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in 3M in the third quarter valued at $329,000. Harvest Fund Management Co. Ltd increased its stake in 3M by 45.9% in the third quarter. Harvest Fund Management Co. Ltd now owns 10,293 shares of the conglomerate’s stock valued at $1,407,000 after purchasing an additional 3,236 shares during the period. Independent Advisor Alliance boosted its stake in shares of 3M by 43.8% during the third quarter. Independent Advisor Alliance now owns 23,431 shares of the conglomerate’s stock worth $3,203,000 after buying an additional 7,140 shares during the period. Finally, DRW Securities LLC purchased a new position in shares of 3M during the third quarter worth about $569,000. 65.25% of the stock is owned by hedge funds and other 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.