3M (NYSE:MMM) Shares Up 0.7% – Here’s What Happened

Shares of 3M (NYSE:MMM) traded up 0.7% during trading on Wednesday . The company traded as high as $152.13 and last traded at $151.93. 329,367 shares were traded during mid-day trading, a decline of 92% from the average session volume of 4,073,809 shares. The stock had previously closed at $150.92.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MMM shares. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Barclays raised their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Citigroup raised their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, 3M has an average rating of “Moderate Buy” and a consensus target price of $149.13.

3M Trading Down 1.6 %

The firm’s 50 day moving average is $147.96 and its 200 day moving average is $137.36. The company has a market cap of $80.81 billion, a PE ratio of 19.69, a PEG ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the prior year, the business earned $2.42 earnings per share. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. On average, equities analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Friday, February 14th. 3M’s dividend payout ratio is presently 38.68%.

Insider Activity

In other news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on 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 directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MMM. DSG Capital Advisors LLC purchased a new position in shares of 3M during the fourth quarter valued at approximately $1,966,000. Wealth Enhancement Advisory Services LLC increased its position in 3M by 27.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 270,685 shares of the conglomerate’s stock valued at $34,943,000 after purchasing an additional 58,707 shares during the period. NorthCrest Asset Manangement LLC raised its holdings in 3M by 5.8% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 2,659 shares of the conglomerate’s stock worth $343,000 after purchasing an additional 146 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of 3M during the 4th quarter valued at about $23,558,000. Finally, Aegis Wealth Management LLC purchased a new position in shares of 3M during the fourth quarter valued at about $1,122,000. Hedge funds and other 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.