3M (NYSE:MMM) Shares Up 0.6%

Shares of 3M (NYSE:MMMGet Free Report) traded up 0.6% on Monday . The stock traded as high as $103.22 and last traded at $103.03. 459,346 shares changed hands during trading, a decline of 92% from the average session volume of 5,541,350 shares. The stock had previously closed at $102.39.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MMM. Royal Bank of Canada raised their target price on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. StockNews.com initiated coverage on 3M in a report on Thursday, June 6th. They issued a “buy” rating on the stock. Barclays boosted their price target on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Finally, Bank of America upgraded 3M from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $105.00 to $120.00 in a report on Friday, June 7th. 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $111.58.

View Our Latest Analysis on 3M

3M Stock Performance

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 has a market capitalization of $56.92 billion, a price-to-earnings ratio of -8.10, a price-to-earnings-growth ratio of 1.91 and a beta of 0.96. The stock’s fifty day moving average is $98.13 and its two-hundred day moving average is $99.26.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate 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 business had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the firm posted $1.97 earnings per share. Analysts forecast that 3M will post 7.09 earnings per share for the current 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 issued a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.72%. 3M’s dividend payout ratio is presently -22.01%.

Institutional Investors Weigh In On 3M

Several hedge funds and other institutional investors have recently modified their holdings of MMM. Dark Forest Capital Management LP bought a new stake in 3M in the third quarter valued at $535,000. Federated Hermes Inc. boosted its stake in 3M by 24.2% during the 3rd quarter. Federated Hermes Inc. now owns 135,720 shares of the conglomerate’s stock valued at $12,706,000 after purchasing an additional 26,487 shares during the period. Parkside Financial Bank & Trust grew its position in 3M by 8.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 4,013 shares of the conglomerate’s stock worth $376,000 after purchasing an additional 310 shares during the last quarter. Operose Advisors LLC increased its stake in shares of 3M by 64.3% in the third quarter. Operose Advisors LLC now owns 1,316 shares of the conglomerate’s stock valued at $123,000 after purchasing an additional 515 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its holdings in shares of 3M by 29.0% during the third quarter. O Shaughnessy Asset Management LLC now owns 599,548 shares of the conglomerate’s stock valued at $56,130,000 after buying an additional 134,666 shares during 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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