3M (NYSE:MMM) Stock Price Down 1.9% – What’s Next?

3M (NYSE:MMM)’s share price traded down 1.9% on Thursday . The stock traded as low as $149.42 and last traded at $149.77. 656,440 shares were traded during trading, a decline of 84% from the average session volume of 3,988,310 shares. The stock had previously closed at $152.68.

Analyst Ratings Changes

Several research analysts recently issued reports on MMM shares. Citigroup upped their target price on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Saturday, March 22nd. Finally, Bank of America increased their price target on shares of 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $149.13.

3M Stock Down 2.3 %

The company has a 50 day moving average of $149.34 and a 200-day moving average of $137.99. The company has a market capitalization of $81.02 billion, a P/E ratio of 19.77, 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.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business’s revenue was down 25.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.42 earnings per share. As a group, equities analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 1.96%. This is a boost from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 38.68%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. This represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The shares were 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 approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock worth $17,163,446 over the last three months. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

A number of institutional investors and hedge funds have recently made changes to their positions in MMM. Financial Life Planners purchased a new stake in shares of 3M in the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new position in shares of 3M during the fourth quarter valued at $26,000. REAP Financial Group LLC raised its position in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 94 shares during the last quarter. FSA Wealth Management LLC bought a new position in 3M in the 3rd quarter worth about $27,000. Finally, Hazlett Burt & Watson Inc. purchased a new stake in 3M during the 4th quarter valued at about $27,000. Institutional investors own 65.25% of the company’s stock.

About 3M

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.