3M (NYSE:MMM) Trading Up 1.6%

3M (NYSE:MMM)’s stock price traded up 1.6% during mid-day trading on Friday . The stock traded as high as $104.93 and last traded at $104.93. 471,536 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 5,334,684 shares. The stock had previously closed at $103.23.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MMM. UBS Group lifted their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Citigroup upped their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Barclays lifted their price objective on 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday. StockNews.com began coverage on shares of 3M in a research note on Thursday, June 6th. They issued a “buy” rating on the stock. Finally, JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and raised their price target for the company from $110.00 to $111.00 in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $112.17.

3M Trading Up 1.4 %

The company has a 50 day simple moving average of $100.58 and a two-hundred day simple moving average of $99.03. The firm has a market cap of $57.95 billion, a PE ratio of -8.25, a P/E/G ratio of 1.89 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The company had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the business earned $1.97 EPS. Analysts expect that 3M will post 7.17 EPS for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were paid a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.67%. 3M’s dividend payout ratio is presently -22.01%.

Institutional Trading of 3M

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of 3M by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after buying an additional 377,703 shares during the period. Charles Schwab Investment Management Inc. grew 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 worth $1,320,649,000 after buying an additional 43,732 shares in the last quarter. Norges Bank acquired a new stake in 3M in the fourth quarter valued at $502,585,000. Bank of New York Mellon Corp boosted its stake in 3M by 10.6% during the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock valued at $480,680,000 after acquiring an additional 435,439 shares during the last quarter. Finally, Pacer Advisors Inc. increased its stake in 3M by 1,273.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after purchasing an additional 3,508,334 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Company Profile

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.