3M (NYSE:MMM) Stock Price Down 0.8%

3M (NYSE:MMM)’s stock price traded down 0.8% during trading on Wednesday . The stock traded as low as $100.57 and last traded at $101.23. 488,399 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 4,800,753 shares. The stock had previously closed at $102.05.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Vertical Research raised 3M from a “hold” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. HSBC upgraded shares of 3M from a “hold” rating to a “buy” rating and increased their target price for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and increased their target price for the stock from $105.00 to $120.00 in a research note on Friday, June 7th. Finally, Wolfe Research upgraded 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 report on Thursday, June 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, 3M has a consensus rating of “Hold” and a consensus price target of $111.58.

3M Stock Performance

The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The firm’s 50-day moving average price is $98.80 and its two-hundred day moving average price is $99.26. The firm has a market capitalization of $57.09 billion, a price-to-earnings ratio of -8.11, a price-to-earnings-growth ratio of 1.91 and a beta of 0.96.

3M (NYSE:MMM) last announced its 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. The company had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the previous year, the firm posted $1.97 earnings per share. Sell-side analysts predict that 3M will post 7.09 earnings per share 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 issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is currently -22.01%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MMM. Vanguard Group Inc. raised its position in 3M by 0.8% during the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after acquiring an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in 3M by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after buying an additional 43,732 shares in the last quarter. Norges Bank acquired a new stake in 3M during the fourth quarter worth about $502,585,000. Bank of New York Mellon Corp grew its stake in 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 worth $480,680,000 after buying an additional 435,439 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after buying an additional 3,508,334 shares in the last quarter. Institutional investors and hedge funds 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.