3M (NYSE:MMM) Shares Up 0% Following Dividend Announcement

3M (NYSE:MMM)’s share price was up 0% during mid-day trading on Monday after the company announced a dividend. The company traded as high as $127.74 and last traded at $127.08. Approximately 366,415 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 5,316,243 shares. The stock had previously closed at $127.05.

The newly announced dividend which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MMM shares. Citigroup upped their target price on shares of 3M from $100.00 to $133.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. UBS Group upped their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Wells Fargo & Company raised their price target on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, July 10th. Finally, Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $123.57.

3M Stock Up 0.5 %

The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The company has a market capitalization of $70.66 billion, a PE ratio of -10.04, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95. The company’s fifty day moving average is $110.74 and its 200-day moving average is $101.63.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period last year, the firm earned $2.17 EPS. As a group, analysts predict that 3M will post 7.21 EPS for the current fiscal year.

Insider Buying and Selling at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Institutional investors and hedge funds have recently modified their holdings of the stock. Fortis Capital Advisors LLC increased its position in 3M by 2.9% during the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate’s stock valued at $307,000 after acquiring an additional 84 shares during the last quarter. Brown Brothers Harriman & Co. raised its position in 3M by 0.4% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate’s stock worth $2,311,000 after purchasing an additional 97 shares during the period. AMG National Trust Bank lifted its stake in 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after purchasing an additional 100 shares during the last quarter. Platinum Investment Management Ltd. boosted its position in shares of 3M by 11.4% during the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock valued at $108,000 after buying an additional 104 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in shares of 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after buying an additional 105 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.