3M (NYSE:MMM) Trading Down 1%

3M (NYSE:MMM) was down 1% on Wednesday . The stock traded as low as $92.00 and last traded at $92.09. Approximately 682,597 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 5,737,894 shares. The stock had previously closed at $93.00.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MMM shares. JPMorgan Chase & Co. dropped their target price on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Bank of America lowered their price target on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Barclays lowered their price target on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Royal Bank of Canada lowered their price target on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Finally, Citigroup raised their price target on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, 3M currently has a consensus rating of “Hold” and a consensus target price of $104.00.

3M Price Performance

The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The firm has a market cap of $50.58 billion, a price-to-earnings ratio of -7.24, a price-to-earnings-growth ratio of 1.82 and a beta of 1.02. The stock has a 50-day moving average of $95.70 and a two-hundred day moving average of $97.35.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business had revenue of $8.01 billion during the quarter, compared to analyst estimates of $7.69 billion. During the same quarter last year, the company posted $2.28 EPS. 3M’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, analysts anticipate that 3M will post 7.87 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.61%. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On 3M

A number of institutional investors have recently bought and sold shares of the business. Mesirow Financial Investment Management Inc. acquired a new stake in 3M during the 1st quarter worth about $875,000. Checchi Capital Advisers LLC raised its stake in shares of 3M by 13.5% during the 1st quarter. Checchi Capital Advisers LLC now owns 5,863 shares of the conglomerate’s stock worth $622,000 after purchasing an additional 696 shares in the last quarter. TRUE Private Wealth Advisors raised its stake in shares of 3M by 348.1% during the 1st quarter. TRUE Private Wealth Advisors now owns 28,815 shares of the conglomerate’s stock worth $3,056,000 after purchasing an additional 22,384 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of 3M by 10.6% during the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after purchasing an additional 435,439 shares in the last quarter. Finally, Equitable Trust Co. raised its stake in shares of 3M by 18.6% during the 1st quarter. Equitable Trust Co. now owns 8,473 shares of the conglomerate’s stock worth $899,000 after purchasing an additional 1,329 shares in the last quarter. 65.25% of the stock is currently 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.