3M (NYSE:MMM) Trading Up 0.1%

Shares of 3M (NYSE:MMMGet Free Report) were up 0.1% during mid-day trading on Thursday . The stock traded as high as $102.76 and last traded at $101.27. Approximately 980,902 shares were traded during trading, a decline of 83% from the average daily volume of 5,609,516 shares. The stock had previously closed at $101.21.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. StockNews.com assumed coverage on shares of 3M in a report on Thursday, June 6th. They set a “buy” rating for the company. Mizuho restated a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $91.13 to $115.00 in a report on Friday, May 10th. UBS Group increased their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Finally, Citigroup increased their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, 3M presently has an average rating of “Hold” and an average price target of $111.58.

Read Our Latest Stock Analysis on MMM

3M Trading Up 0.4 %

The business’s 50 day moving average price is $96.83 and its 200-day moving average price is $99.21. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The company has a market cap of $56.23 billion, a price-to-earnings ratio of -7.98, a PEG ratio of 1.89 and a beta of 0.96.

3M (NYSE:MMMGet Free Report) last posted 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. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter last year, the company posted $1.97 EPS. On average, equities analysts anticipate that 3M will post 7.09 EPS for the current fiscal year.

3M Cuts Dividend

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

Hedge Funds Weigh In On 3M

Hedge funds have recently bought and sold shares of the business. Shoker Investment Counsel Inc. increased its position in 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after acquiring an additional 5,561 shares during the period. Jade Capital Advisors LLC bought a new position in 3M in the 4th quarter valued at about $4,373,000. MWA Asset Management bought a new position in 3M in the 4th quarter valued at about $1,723,000. Diversified Trust Co increased its holdings in 3M by 1.4% in the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock valued at $2,021,000 after buying an additional 263 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in 3M by 6.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 187,719 shares of the conglomerate’s stock valued at $20,521,000 after buying an additional 11,528 shares during the period. 65.25% of the stock is owned by institutional investors.

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.

Further Reading

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