3M (NYSE:MMM) Trading Up 1.6%

3M (NYSE:MMM)’s share price rose 1.6% during mid-day trading on Thursday . The company traded as high as $103.36 and last traded at $103.12. Approximately 649,849 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 5,491,938 shares. The stock had previously closed at $101.45.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent analyst reports. Vertical Research raised 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. HSBC raised 3M from a “hold” rating to a “buy” rating and upped their target price for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective on the stock in a report on Thursday, June 13th. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $105.00 to $120.00 in a research note on Friday, June 7th. Finally, Citigroup raised their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, 3M has an average rating of “Hold” and an average price target of $111.58.

3M Stock Down 1.0 %

The business has a 50-day moving average price of $99.23 and a 200-day moving average price of $99.28. The stock has a market cap of $56.54 billion, a PE ratio of -8.03, a price-to-earnings-growth ratio of 1.94 and a beta of 0.96. 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 earnings results 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. 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 quarter last year, the business earned $1.97 earnings per share. As a group, analysts forecast 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 paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.74%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is currently -22.01%.

Hedge Funds Weigh In On 3M

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in 3M by 0.8% in the first quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock valued at $5,246,367,000 after purchasing an additional 377,703 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of 3M by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after acquiring an additional 43,732 shares during the last quarter. Norges Bank purchased a new stake in shares of 3M in the 4th quarter valued at approximately $502,585,000. Bank of New York Mellon Corp lifted its holdings in shares of 3M by 10.6% in 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. boosted its position 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 purchasing an additional 3,508,334 shares during the period. 65.25% of the stock is currently 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.