3M (NYSE:MMM) Shares Up 0.1% – Here’s Why

3M (NYSE:MMMGet Free Report) traded up 0.1% during trading on Wednesday . The company traded as high as $154.43 and last traded at $153.60. 293,218 shares were traded during trading, a decline of 93% from the average session volume of 4,001,932 shares. The stock had previously closed at $153.50.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MMM shares. JPMorgan Chase & Co. boosted their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Finally, Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus price target of $149.13.

Get Our Latest Stock Report on MMM

3M Stock Down 2.5 %

The company has a market cap of $78.58 billion, a P/E ratio of 19.17, a PEG ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The business’s 50 day moving average price is $149.52 and its 200-day moving average price is $138.06.

3M (NYSE:MMMGet Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the company earned $2.42 EPS. The firm’s quarterly revenue was down 25.0% on a year-over-year basis. On average, analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a dividend of $0.73 per share. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Friday, February 14th. 3M’s payout ratio is presently 38.68%.

Insider Activity

In related news, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. This trade represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last ninety days. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On 3M

Several large investors have recently made changes to their positions in MMM. Norges Bank bought a new position in 3M during the 4th quarter worth about $636,767,000. Invesco Ltd. raised its position in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after buying an additional 1,520,619 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in 3M in the 4th quarter valued at approximately $175,110,000. Capital World Investors boosted its position in 3M by 25.4% during the 4th quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the last quarter. Finally, Amundi grew its stake in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after acquiring an additional 898,244 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

About 3M

(Get Free Report)

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.

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