3M (NYSE:MMM) Stock Price Down 0.1%

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

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of analyst reports. Bank of America upgraded 3M from a “neutral” rating to a “buy” rating and upped their price target for the stock from $105.00 to $120.00 in a research report on Friday, June 7th. Citigroup increased their target price on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. StockNews.com started coverage on 3M in a research report on Thursday, June 6th. They set a “buy” rating for the company. Barclays increased their target price on 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Finally, JPMorgan Chase & Co. upgraded 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 report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, 3M has a consensus rating of “Hold” and a consensus price target of $111.58.

3M Price Performance

The firm has a market capitalization of $56.55 billion, a P/E ratio of -8.03, a price-to-earnings-growth ratio of 1.94 and a beta of 0.96. The firm has a 50 day moving average price of $99.23 and a 200-day moving average price of $99.26. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period last year, the company earned $1.97 EPS. On average, analysts expect that 3M will post 7.09 earnings per share for the current year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Thursday, May 23rd. 3M’s payout ratio is -22.01%.

Institutional Investors Weigh In On 3M

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of 3M by 0.8% during the 1st 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of 3M by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after acquiring an additional 43,732 shares during the last quarter. Norges Bank bought a new stake in shares of 3M during the 4th quarter worth approximately $502,585,000. Bank of New York Mellon Corp lifted its stake in shares of 3M by 10.6% during the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after acquiring an additional 435,439 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock worth $413,637,000 after acquiring an additional 3,508,334 shares during the last quarter. 65.25% of the stock is owned by institutional investors.

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.