3M (NYSE:MMM) Shares Up 0.2%

3M (NYSE:MMM)’s stock price shot up 0.2% during mid-day trading on Friday . The company traded as high as $92.19 and last traded at $91.58. 656,894 shares changed hands during trading, a decline of 88% from the average session volume of 5,679,572 shares. The stock had previously closed at $91.41.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MMM. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Royal Bank of Canada reduced their price objective on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 2nd. Citigroup raised their price objective on 3M from $95.31 to $98.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Bank of America reduced their price objective on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Finally, Mizuho reaffirmed a “neutral” rating and set a $105.00 price objective on shares of 3M in a research note 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 issued a strong buy rating to the company’s stock. According to MarketBeat, 3M has an average rating of “Hold” and an average target price of $104.00.

3M Stock Up 0.5 %

The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The company’s fifty day simple moving average is $95.71 and its 200 day simple moving average is $97.41. The firm has a market capitalization of $50.82 billion, a PE ratio of -7.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02.

3M Increases Dividend

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

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 3M

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of 3M by 0.7% during the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after purchasing an additional 317,483 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings 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 valued at $1,320,649,000 after purchasing an additional 43,732 shares during the last quarter. Norges Bank purchased a new position in shares of 3M during the fourth quarter valued at approximately $502,585,000. Bank of New York Mellon Corp lifted its holdings in shares of 3M by 10.6% during the first quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock valued at $480,680,000 after purchasing an additional 435,439 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of 3M by 2.4% during the third quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock valued at $382,246,000 after purchasing an additional 94,864 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

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.