3M (NYSE:MMM) Trading Up 1.1%

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

Analysts Set New Price Targets

A number of research analysts have recently commented on MMM shares. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and upped their target price for the company from $110.00 to $111.00 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 target price for the company in a research note on Thursday, June 13th. StockNews.com began coverage on shares of 3M in a research note on Thursday, June 6th. They issued a “buy” rating on the stock. Royal Bank of Canada boosted their price objective on shares of 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. Finally, Mizuho restated a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $111.58.

3M Stock Performance

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 stock has a market cap of $55.79 billion, a PE ratio of -8.00, a P/E/G ratio of 1.90 and a beta of 0.95. The business’s 50-day moving average price is $99.23 and its 200-day moving average price is $99.22.

3M (NYSE:MMM) last released its quarterly earnings results 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 negative net margin of 21.57% and a positive return on equity of 95.80%. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the company earned $1.97 earnings per share. As a group, equities research analysts expect 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. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.78%. 3M’s dividend payout ratio is currently -22.01%.

Hedge Funds Weigh In On 3M

Several hedge funds have recently made changes to their positions in MMM. Fragasso Group Inc. boosted its stake in shares of 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after acquiring an additional 93 shares in the last quarter. Bangor Savings Bank boosted its stake in shares of 3M by 1.0% during the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock worth $1,147,000 after acquiring an additional 104 shares in the last quarter. Platinum Investment Management Ltd. boosted its stake in shares of 3M by 11.4% during the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock worth $108,000 after acquiring an additional 104 shares in the last quarter. Allen Capital Group LLC boosted its stake in shares of 3M by 0.5% during the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after acquiring an additional 105 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of 3M by 2.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after acquiring an additional 105 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

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.