3M (NYSE:MMM) Stock Price Down 1.7%

Shares of 3M (NYSE:MMM) dropped 1.7% during trading on Monday . The stock traded as low as $100.43 and last traded at $100.50. Approximately 707,364 shares traded hands during trading, a decline of 87% from the average daily volume of 5,489,702 shares. The stock had previously closed at $102.19.

Analysts Set New Price Targets

MMM has been the subject of several research reports. Citigroup raised their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and raised their price target for the stock from $105.00 to $120.00 in a report on Friday, June 7th. Barclays raised their price target on shares of 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $91.13 to $115.00 in a report on Friday, May 10th. Finally, StockNews.com assumed coverage on shares of 3M in a report on Thursday, June 6th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned 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 Trading Down 1.3 %

The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The company’s fifty day moving average is $99.23 and its 200-day moving average is $99.22. The firm has a market capitalization of $55.81 billion, a P/E ratio of -7.90, a P/E/G ratio of 1.90 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm 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 firm earned $1.97 EPS. As a group, sell-side analysts anticipate that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The business also recently declared 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 2.78%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Institutional Trading of 3M

A number of hedge funds have recently bought and sold shares of MMM. Tributary Capital Management LLC acquired a new position in shares of 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. raised its stake in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M in the 1st quarter valued at $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M in the 4th quarter valued at $35,000. Finally, CGC Financial Services LLC raised its stake in shares of 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after buying an additional 160 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

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.