3M (NYSE:MMM) Shares Up 1.3%

Shares of 3M (NYSE:MMMGet Free Report) were up 1.3% on Wednesday . The stock traded as high as $103.66 and last traded at $102.61. Approximately 1,073,321 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 5,627,190 shares. The stock had previously closed at $101.32.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MMM shares. Bank of America raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their target price for the company from $105.00 to $120.00 in a research note on Friday, June 7th. UBS Group upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research note on Thursday. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Finally, Citigroup upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $111.58.

Check Out Our Latest Report on 3M

3M Stock Performance

The stock has a market cap of $55.83 billion, a PE ratio of -7.85, a PEG ratio of 1.90 and a beta of 0.96. The stock has a fifty day simple moving average of $97.05 and a two-hundred day simple moving average of $99.22. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMMGet Free Report) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the prior year, the business earned $1.97 EPS. Equities analysts anticipate that 3M will post 7.09 EPS 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 given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Hedge Funds Weigh In On 3M

A number of institutional investors have recently made changes to their positions in MMM. Vanguard Group Inc. raised its position in shares of 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after acquiring an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 3M by 0.4% during 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 acquiring an additional 43,732 shares in the last quarter. Norges Bank acquired a new stake in 3M in the fourth quarter worth $502,585,000. Bank of New York Mellon Corp boosted 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 valued at $480,680,000 after acquiring an additional 435,439 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of 3M by 2.4% during the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after acquiring an additional 94,864 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Company Profile

(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.

Recommended Stories

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.