3M (NYSE:MMM) Trading Down 1.3%

3M (NYSE:MMM)’s share price dropped 1.3% during mid-day trading on Monday . The stock traded as low as $124.26 and last traded at $125.46. Approximately 4,065,742 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 5,405,200 shares. The stock had previously closed at $127.16.

Analyst Upgrades and Downgrades

MMM has been the topic of several recent research reports. Vertical Research upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $150.00 in a research report on Monday. Royal Bank of Canada lifted their price objective on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday. Wells Fargo & Company lifted their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Finally, UBS Group lifted their target price 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $121.92.

3M Stock Performance

The stock has a market cap of $69.00 billion, a price-to-earnings ratio of -9.81, a price-to-earnings-growth ratio of 2.36 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The stock’s 50-day simple moving average is $102.05 and its two-hundred day simple moving average is $98.69.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the previous year, the business earned $2.17 EPS. Analysts forecast that 3M will post 7.19 earnings per share for the current year.

3M Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.25%. 3M’s payout ratio is -22.01%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. AMG National Trust Bank increased its stake in 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock valued at $340,000 after acquiring an additional 100 shares during the period. Platinum Investment Management Ltd. grew its stake in 3M by 11.4% during the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock worth $108,000 after buying an additional 104 shares during the last quarter. Allen Capital Group LLC grew its stake in 3M by 0.5% during the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 105 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock worth $562,000 after buying an additional 105 shares during the last quarter. Finally, Fragasso Financial Advisors Inc grew its stake in 3M by 4.2% during the second quarter. Fragasso Financial Advisors Inc now owns 2,638 shares of the conglomerate’s stock worth $270,000 after buying an additional 106 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.