3M (NYSE:MMM) Trading Up 0.1%

3M (NYSE:MMM)’s stock price shot up 0.1% on Wednesday . The company traded as high as $102.15 and last traded at $101.74. 399,849 shares were traded during trading, a decline of 93% from the average session volume of 5,440,173 shares. The stock had previously closed at $101.62.

Analysts Set New Price Targets

MMM has been the topic of several recent research reports. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $105.00 to $120.00 in a research report on Friday, June 7th. Citigroup upped their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Mizuho reissued a “neutral” rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. UBS Group upped their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, HSBC raised shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, 3M has an average rating of “Hold” and a consensus price target of $111.58.

3M Stock Performance

The business’s 50-day simple moving average is $99.96 and its 200-day simple moving average is $99.17. The company has a market cap of $56.23 billion, a PE ratio of -7.99, a P/E/G ratio of 1.89 and a beta of 0.95. 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 announced its quarterly earnings data 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 positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. During the same period last year, the company earned $1.97 earnings per share. As a group, analysts expect that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.76%. 3M’s payout ratio is -22.01%.

Hedge Funds Weigh In On 3M

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kathmere Capital Management LLC increased its stake in shares of 3M by 17.9% during the 2nd quarter. Kathmere Capital Management LLC now owns 7,009 shares of the conglomerate’s stock worth $766,000 after purchasing an additional 1,064 shares during the last quarter. Abich Financial Wealth Management LLC boosted its holdings in 3M by 64.5% in the first quarter. Abich Financial Wealth Management LLC now owns 1,476 shares of the conglomerate’s stock worth $157,000 after purchasing an additional 579 shares in the last quarter. Birmingham Capital Management Co. Inc. AL increased its position in 3M by 3.1% during the first quarter. Birmingham Capital Management Co. Inc. AL now owns 40,943 shares of the conglomerate’s stock worth $4,343,000 after buying an additional 1,236 shares during the last quarter. Cetera Advisors LLC raised its holdings in 3M by 202.8% during the first quarter. Cetera Advisors LLC now owns 46,615 shares of the conglomerate’s stock valued at $4,944,000 after buying an additional 31,221 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in shares of 3M by 160.2% in the first quarter. Cetera Investment Advisers now owns 166,132 shares of the conglomerate’s stock worth $17,622,000 after buying an additional 102,284 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

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.