3M (NYSE:MMM) Shares Down 0.1%

3M (NYSE:MMM)’s stock price fell 0.1% during trading on Friday . The company traded as low as $102.51 and last traded at $103.07. 495,707 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 5,482,295 shares. The stock had previously closed at $103.17.

Analysts Set New Price Targets

A number of research firms recently commented on MMM. StockNews.com began coverage on 3M in a research report on Thursday, June 6th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. Royal Bank of Canada upped their price objective on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. Bank of America upgraded 3M from a “neutral” rating to a “buy” rating and upped their price objective for the company from $105.00 to $120.00 in a research report on Friday, June 7th. Finally, Barclays upped their price objective on 3M from $112.00 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. One investment 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’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $111.58.

3M Stock Performance

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 firm has a fifty day moving average price of $98.80 and a two-hundred day moving average price of $99.26. The stock has a market capitalization of $56.41 billion, a PE ratio of -8.10, a P/E/G ratio of 1.91 and a beta of 0.96.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the prior year, the firm earned $1.97 earnings per share. Research analysts expect that 3M will post 7.09 EPS for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.75%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Institutional Trading of 3M

Several hedge funds and other institutional investors have recently bought and sold shares of MMM. Norges Bank bought a new stake in 3M during the 4th quarter valued at $502,585,000. Pacer Advisors Inc. boosted its position in 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after acquiring an additional 2,010,319 shares in the last quarter. Capital World Investors bought a new stake in 3M during the 1st quarter valued at $165,986,000. Finally, Los Angeles Capital Management LLC boosted its position in 3M by 157.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock valued at $197,377,000 after acquiring an additional 1,103,459 shares in the last quarter. 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.