3M (NYSE:MMM) Stock Price Down 1.7%

3M (NYSE:MMM)’s share price was down 1.7% during mid-day trading on Monday . The stock traded as low as $100.43 and last traded at $100.50. Approximately 707,364 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 5,489,702 shares. The stock had previously closed at $102.19.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MMM shares. HSBC raised 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Citigroup upped their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. StockNews.com initiated coverage on 3M in a report on Thursday, June 6th. They issued a “buy” rating on the stock. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, Mizuho reiterated a “neutral” rating and issued a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, 3M currently has a consensus rating of “Hold” and an average price target of $111.58.

3M Trading Down 1.3 %

The business has a fifty day moving average of $99.23 and a 200-day moving average of $99.22. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The company has a market capitalization of $55.81 billion, a P/E ratio of -7.90, a PEG ratio of 1.90 and a beta of 0.95.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the business earned $1.97 EPS. Analysts anticipate that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s payout ratio is currently -22.01%.

Institutional Investors Weigh In On 3M

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tributary Capital Management LLC purchased a new stake in shares of 3M during the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. increased its position in shares of 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of 3M during the 1st quarter valued at $32,000. Livelsberger Financial Advisory purchased a new stake in shares of 3M during the 4th quarter valued at $35,000. Finally, CGC Financial Services LLC increased its position in shares of 3M by 89.9% during the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after purchasing an additional 160 shares during the last quarter. 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.