3M (NYSE:MMM) Trading 1.4% Higher

3M (NYSE:MMM) shot up 1.4% during trading on Tuesday . The company traded as high as $94.04 and last traded at $93.91. 822,587 shares traded hands during trading, a decline of 86% from the average session volume of 5,766,302 shares. The stock had previously closed at $92.62.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MMM shares. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. reduced their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Barclays dropped their target price on 3M from $126.00 to $107.00 and set an “overweight” rating for the company in a report on Tuesday, April 2nd. Citigroup boosted their price objective on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Mizuho restated a “neutral” rating and issued a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, 3M currently has an average rating of “Hold” and a consensus price target of $104.00.

3M Price Performance

The company has a market cap of $51.58 billion, a PE ratio of -7.44, a PEG ratio of 1.63 and a beta of 1.02. The firm’s 50-day moving average is $95.72 and its 200-day moving average is $97.40. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the prior year, the business earned $2.28 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities analysts anticipate that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.48%. The ex-dividend date was Thursday, February 15th. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is -47.82%.

Insider Buying and Selling

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On 3M

Several institutional investors and hedge funds have recently modified their holdings of MMM. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in 3M by 15.4% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock valued at $10,391,000 after purchasing an additional 14,775 shares during the last quarter. Cornerstone Wealth Group LLC purchased a new stake in shares of 3M during the third quarter valued at approximately $3,855,000. Shoker Investment Counsel Inc. increased its position in shares of 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock valued at $1,568,000 after acquiring an additional 5,561 shares in the last quarter. Diversified Trust Co raised its holdings in 3M by 1.4% in the 4th quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after acquiring an additional 263 shares during the last quarter. Finally, MWA Asset Management purchased a new position in 3M in the 4th quarter worth approximately $1,723,000. 65.25% of the stock is currently owned by institutional investors.

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.