3M (NYSE:MMM) Shares Down 0.3%

3M (NYSE:MMM) dropped 0.3% on Wednesday . The stock traded as low as $90.17 and last traded at $91.05. Approximately 3,036,971 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 5,144,722 shares. The stock had previously closed at $91.30.

Analyst Ratings Changes

Several research analysts recently commented on the company. Citigroup increased their price objective on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Barclays lowered their price target on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. Mizuho reiterated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Wells Fargo & Company lowered their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 24th. Finally, Bank of America cut their price target on 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, 3M currently has a consensus rating of “Hold” and a consensus price target of $103.50.

3M Price Performance

The stock has a 50-day simple moving average of $95.87 and a 200 day simple moving average of $97.31. The company has a market cap of $50.38 billion, a PE ratio of -7.21, a P/E/G ratio of 1.61 and a beta of 1.02. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the prior year, the company posted $2.28 earnings per share. 3M’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities analysts expect that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 6.63%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is -47.82%.

Insiders Place Their Bets

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On 3M

A number of hedge funds have recently bought and sold shares of the stock. Financial Freedom LLC purchased a new stake in shares of 3M during the fourth quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its holdings in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. DHJJ Financial Advisors Ltd. purchased a new stake in shares of 3M in the 3rd quarter valued at approximately $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of 3M in the 1st quarter valued at approximately $32,000. Finally, Briaud Financial Planning Inc acquired a new stake in shares of 3M in the 3rd quarter valued at $35,000. Institutional investors and hedge funds 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.