3M (NYSE:MMM) Trading Down 0.8%

3M (NYSE:MMM) shares dropped 0.8% during trading on Wednesday . The stock traded as low as $100.57 and last traded at $101.23. Approximately 488,399 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 4,800,753 shares. The stock had previously closed at $102.05.

Analyst Ratings Changes

MMM has been the topic of several research reports. Wolfe Research raised 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 target price on the stock in a research report on Thursday, June 13th. UBS Group lifted their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Barclays raised their price target on shares of 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, Citigroup raised 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. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, 3M has an average rating of “Hold” and a consensus target price of $111.58.

3M Stock Down 0.5 %

The firm has a market cap of $56.18 billion, a P/E ratio of -7.96, a P/E/G ratio of 1.92 and a beta of 0.96. 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 firm’s fifty day moving average is $98.59 and its 200 day moving average is $99.24.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the business earned $1.97 earnings per share. As a group, equities research analysts anticipate that 3M will post 7.09 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.76%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tributary Capital Management LLC bought a new stake in 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. raised its position in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after buying an additional 197 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in 3M during the first quarter valued at $32,000. Livelsberger Financial Advisory purchased a new position in 3M during the fourth quarter worth about $35,000. Finally, CGC Financial Services LLC increased its stake in 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock worth $37,000 after acquiring an additional 160 shares during the last quarter. 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.