3M (NYSE:MMM) Shares Down 1.9% – Here’s What Happened

3M (NYSE:MMM) shares were down 1.9% during trading on Friday . The stock traded as low as $145.40 and last traded at $145.58. Approximately 551,018 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 3,980,870 shares. The stock had previously closed at $148.44.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MMM. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Barclays increased their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a report on Saturday, March 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Price Performance

The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a market cap of $78.72 billion, a price-to-earnings ratio of 19.21, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The stock’s fifty day moving average price is $149.52 and its 200-day moving average price is $138.06.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 earnings per share. Equities research analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 2.01%. 3M’s dividend payout ratio (DPR) is presently 38.68%.

Insider Activity

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This represents a 21.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last 90 days. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. Investors Asset Management of Georgia Inc. GA ADV raised its stake in 3M by 1.3% in the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock valued at $694,000 after buying an additional 67 shares during the period. Parkside Financial Bank & Trust increased its holdings in shares of 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock worth $665,000 after acquiring an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC raised its stake in 3M by 2.5% in the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock valued at $381,000 after acquiring an additional 71 shares during the period. Gilbert & Cook Inc. lifted its holdings in 3M by 1.5% during the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock valued at $659,000 after purchasing an additional 73 shares during the last quarter. Finally, Childress Capital Advisors LLC boosted its position in 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock worth $203,000 after purchasing an additional 76 shares during the period. 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.