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

3M (NYSE:MMM) dropped 1.9% during mid-day trading on Friday . The stock traded as low as $145.40 and last traded at $145.58. Approximately 551,018 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 3,980,870 shares. The stock had previously closed at $148.44.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MMM shares. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Barclays upped their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. raised their target price on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M has an average rating of “Moderate Buy” and a consensus target price of $149.13.

3M Trading Down 2.5 %

The firm’s 50-day moving average price is $149.60 and its 200-day moving average price is $138.23. The company has a market cap of $78.58 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86.

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

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a $0.73 dividend. The ex-dividend date was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 2.02%. 3M’s dividend payout ratio is currently 38.68%.

Insider Buying and Selling at 3M

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kevin H. Rhodes sold 6,743 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last three months. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several institutional investors have recently modified their holdings of MMM. Financial Life Planners bought a new stake in 3M in the 4th quarter worth approximately $25,000. Proficio Capital Partners LLC bought a new stake in shares of 3M in the 4th quarter worth approximately $26,000. REAP Financial Group LLC boosted its stake in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 94 shares in the last quarter. FSA Wealth Management LLC purchased a new stake in shares of 3M in the 3rd quarter valued at $27,000. Finally, Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the 4th quarter valued at $27,000. 65.25% of the stock is currently owned by institutional investors.

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.