3M (NYSE:MMM) Stock Price Down 0.3% Following Analyst Downgrade

3M (NYSE:MMM)’s stock price was down 0.3% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $118.00 to $110.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. 3M traded as low as $90.17 and last traded at $91.05. Approximately 3,036,971 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 5,144,722 shares. The stock had previously closed at $91.30.

A number of other equities analysts have also commented on MMM. Mizuho restated a “neutral” rating and issued a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Wells Fargo & Company dropped their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 24th. Barclays dropped their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a research note on Tuesday, April 2nd. Finally, Bank of America dropped their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.00.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 3M

Institutional investors and hedge funds have recently modified their holdings of the business. Tributary Capital Management LLC acquired a new position in 3M during the first quarter valued at approximately $25,000. Financial Freedom LLC acquired a new position in 3M during the fourth quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. grew its holdings 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 during the period. Northwest Investment Counselors LLC acquired a new position in 3M during the first quarter valued at approximately $32,000. Finally, Briaud Financial Planning Inc acquired a new position in 3M during the third quarter valued at approximately $35,000. 65.25% of the stock is owned by institutional investors.

3M Stock Up 0.4 %

The stock’s fifty day moving average is $95.77 and its 200-day moving average is $97.22. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.28 earnings per share. As a group, equities research analysts predict that 3M will post 8.79 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 6.58%. The ex-dividend date of this dividend was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is -47.82%.

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.