3M (NYSE:MMM) Shares Up 0.8%

3M (NYSE:MMM) rose 0.8% during trading on Friday . The company traded as high as $129.90 and last traded at $129.58. Approximately 468,152 shares changed hands during trading, a decline of 91% from the average daily volume of 5,254,313 shares. The stock had previously closed at $128.60.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MMM. UBS Group 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. Wells Fargo & Company increased their target price on shares of 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Royal Bank of Canada boosted their price target on shares of 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Citigroup increased their price objective on 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Finally, Bank of America lifted their price objective on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $123.57.

3M Price Performance

The company has a market cap of $71.82 billion, a P/E ratio of -10.19, a P/E/G ratio of 2.34 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The stock has a 50-day simple moving average of $111.84 and a 200 day simple moving average of $102.01.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share 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 for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the previous year, the company earned $2.17 earnings per share. On average, equities analysts expect that 3M will post 7.21 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Monday, August 26th. 3M’s payout ratio is -22.01%.

Insider Transactions at 3M

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

Hedge Funds Weigh In On 3M

Several institutional investors have recently bought and sold shares of MMM. Jade Capital Advisors LLC bought a new stake in shares of 3M during the fourth quarter valued at approximately $4,373,000. Scarborough Advisors LLC acquired a new stake in shares of 3M in the 4th quarter valued at $978,000. KMG Fiduciary Partners LLC lifted its stake in shares of 3M by 2.2% during the first quarter. KMG Fiduciary Partners LLC now owns 14,769 shares of the conglomerate’s stock valued at $1,567,000 after acquiring an additional 311 shares during the period. Norden Group LLC increased its position in 3M by 1,381.0% in the first quarter. Norden Group LLC now owns 65,341 shares of the conglomerate’s stock worth $6,930,000 after purchasing an additional 60,929 shares during the period. Finally, 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 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.