3M (NYSE:MMM) Stock Price Down 2.2%

3M (NYSE:MMM)’s share price fell 2.2% during trading on Monday . The company traded as low as $119.57 and last traded at $122.50. 1,920,381 shares traded hands during trading, a decline of 65% from the average session volume of 5,437,862 shares. The stock had previously closed at $125.24.

Wall Street Analyst Weigh In

A number of research firms recently commented on MMM. Wells Fargo & Company upped their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Bank of America upped their price objective on 3M from $120.00 to $143.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Citigroup upped their price objective on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada upped their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $123.57.

3M Stock Performance

The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The business has a 50-day simple moving average of $105.51 and a 200-day simple moving average of $99.59. The firm has a market capitalization of $67.99 billion, a PE ratio of -9.89, a P/E/G ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the prior year, the business posted $2.17 earnings per share. Equities research analysts expect that 3M will post 7.21 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.28%. 3M’s payout ratio is -22.01%.

Insider Transactions at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tributary Capital Management LLC bought a new position in 3M in the first quarter worth approximately $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in 3M in the second quarter valued at about $28,000. Northwest Investment Counselors LLC bought a new position in 3M in the first quarter worth about $32,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of 3M during the second quarter valued at about $33,000. 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.