3M (NYSE:MMM) Trading 0% Higher After Dividend Announcement

3M (NYSE:MMM)’s stock price rose 0% on Monday following a dividend announcement from the company. The stock traded as high as $127.74 and last traded at $127.08. Approximately 366,415 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 5,316,243 shares. The stock had previously closed at $127.05.

The newly announced dividend which will be paid on Thursday, September 12th. Stockholders of record on Monday, August 26th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Monday, August 26th. 3M’s payout ratio is -22.01%.

Analyst Ratings Changes

Several brokerages recently commented on MMM. Citigroup raised their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Royal Bank of Canada boosted their target price on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. UBS Group raised their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a report on Thursday, June 13th. Finally, Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and raised their target price for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, 3M currently has a consensus rating of “Hold” and a consensus target price of $123.57.

3M Trading Up 0.5 %

The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The company has a market cap of $70.66 billion, a price-to-earnings ratio of -10.04, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. The firm has a 50-day moving average price of $110.74 and a 200 day moving average price of $101.63.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company posted $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.21 EPS for the current year.

Insider Activity

In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. boosted its position in 3M by 14.1% during the 4th quarter. Federated Hermes Inc. now owns 154,824 shares of the conglomerate’s stock worth $16,925,000 after acquiring an additional 19,104 shares during the period. Signaturefd LLC raised its position in shares of 3M by 36.6% during the 4th quarter. Signaturefd LLC now owns 8,913 shares of the conglomerate’s stock worth $974,000 after buying an additional 2,386 shares in the last quarter. RWA Wealth Partners LLC lifted its stake in shares of 3M by 436.0% in the 4th quarter. RWA Wealth Partners LLC now owns 28,740 shares of the conglomerate’s stock worth $3,142,000 after acquiring an additional 23,378 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of 3M by 18.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 4,760 shares of the conglomerate’s stock valued at $520,000 after acquiring an additional 747 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC increased its stake in shares of 3M by 6.7% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 18,023 shares of the conglomerate’s stock valued at $1,970,000 after acquiring an additional 1,136 shares during the period. Institutional investors own 65.25% of the company’s stock.

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.