3M (NYSE:MMM) Trading 0.1% Higher – Should You Buy?

3M (NYSE:MMM)’s share price was up 0.1% during mid-day trading on Wednesday . The company traded as high as $154.43 and last traded at $153.60. Approximately 293,218 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 4,001,932 shares. The stock had previously closed at $153.50.

Wall Street Analysts Forecast Growth

MMM has been the subject of several research analyst reports. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a research report on Saturday. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. upped their price target on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $140.00 to $170.00 in a research note 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $149.13.

3M Price Performance

The firm has a market capitalization of $82.77 billion, a P/E ratio of 20.19, a PEG ratio of 3.30 and a beta of 0.97. The company has a fifty day moving average of $149.05 and a 200 day moving average of $137.88. 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 released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the business earned $2.42 earnings per share. 3M’s revenue for the quarter was down 25.0% on a year-over-year basis. Sell-side analysts predict that 3M will post 7.8 earnings per share for the current 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 issued a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is presently 38.68%.

Insider Buying and Selling at 3M

In other 3M news, Chairman Michael F. Roman sold 45,276 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $150.01, for a total value of $6,791,852.76. Following the completion of the sale, the chairman now owns 175,718 shares of the company’s stock, valued at approximately $26,359,457.18. This trade represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company’s stock, valued at $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Financial Life Planners bought a new stake in 3M during the fourth quarter worth $25,000. Proficio Capital Partners LLC purchased a new position in 3M during the 4th quarter worth $26,000. REAP Financial Group LLC grew its stake in shares of 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 acquiring an additional 94 shares in the last quarter. FSA Wealth Management LLC purchased a new stake in shares of 3M in the third quarter valued at about $27,000. Finally, Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the fourth quarter valued at about $27,000. 65.25% of the stock is currently 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.