3M (NYSE:MMM) Stock Price Up 1.1%

Shares of 3M (NYSE:MMM) were up 1.1% during mid-day trading on Tuesday . The stock traded as high as $101.93 and last traded at $101.73. Approximately 429,052 shares traded hands during trading, a decline of 92% from the average daily volume of 5,465,396 shares. The stock had previously closed at $100.61.

Analyst Ratings Changes

Several analysts recently issued reports on MMM shares. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Royal Bank of Canada boosted their target price on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. UBS Group lifted their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Barclays increased their target price on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Finally, Bank of America raised 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $105.00 to $120.00 in a research report on Friday, June 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $111.58.

3M Price Performance

The firm has a market cap of $56.23 billion, a price-to-earnings ratio of -7.99, a PEG ratio of 1.89 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The stock has a 50-day moving average price of $99.56 and a 200 day moving average price of $99.14.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $7.64 billion. During the same period in the prior year, the company earned $1.97 earnings per share. As a group, equities research analysts forecast that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Hedge Funds Weigh In On 3M

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of 3M by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after buying an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after purchasing an additional 43,732 shares in the last quarter. Norges Bank acquired a new stake in shares of 3M during the 4th quarter worth about $502,585,000. Bank of New York Mellon Corp grew its holdings in shares of 3M by 10.6% during the first quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after buying an additional 435,439 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of 3M by 1,273.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after buying an additional 3,508,334 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.