3M (NYSE:MMM) Stock Price Down 0.4% – Here’s What Happened

3M (NYSE:MMM) traded down 0.4% on Wednesday . The stock traded as low as $128.29 and last traded at $128.75. 531,621 shares traded hands during trading, a decline of 89% from the average session volume of 4,919,210 shares. The stock had previously closed at $129.27.

Wall Street Analyst Weigh In

A number of brokerages have commented on MMM. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their price objective for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, July 30th. StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company upped their price target on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $139.27.

3M Trading Down 0.9 %

The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The firm has a 50-day moving average of $133.06 and a 200-day moving average of $114.90. The firm has a market capitalization of $69.30 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 2.06 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.68 earnings per share. On average, equities research analysts anticipate that 3M will post 7.28 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Monday, August 26th. 3M’s payout ratio is 35.35%.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M 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 completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

Institutional investors and hedge funds have recently modified their holdings of the company. Capital World Investors bought a new position in 3M in the 1st quarter worth approximately $165,986,000. International Assets Investment Management LLC raised its stake in 3M by 11,601.2% during the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after purchasing an additional 1,250,491 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of 3M by 218.3% in the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after buying an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of 3M by 1,015.6% in the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate’s stock worth $94,247,000 after buying an additional 808,914 shares during the period. Finally, Electron Capital Partners LLC bought a new stake in shares of 3M during the 2nd quarter worth approximately $76,732,000. 65.25% of the stock is currently owned by institutional investors.

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.