3M (NYSE:MMM) Shares Down 1.7%

3M (NYSE:MMMGet Free Report)’s share price dropped 1.7% during trading on Friday . The stock traded as low as $99.71 and last traded at $99.81. Approximately 477,643 shares were traded during trading, a decline of 91% from the average daily volume of 5,600,141 shares. The stock had previously closed at $101.54.

Analyst Ratings Changes

Several research firms recently commented on MMM. HSBC raised shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $91.13 to $115.00 in a research note on Friday, May 10th. Barclays upped their target price on shares of 3M from $112.00 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $105.00 to $120.00 in a report on Friday, June 7th. Vertical Research upgraded 3M from a “hold” rating to a “buy” rating and boosted their price target for the stock from $92.00 to $140.00 in a research note on Thursday, May 16th. Finally, Royal Bank of Canada lifted their price objective on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $111.58.

View Our Latest Stock Report on 3M

3M Price Performance

The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The stock has a 50 day simple moving average of $97.05 and a 200-day simple moving average of $99.22. The firm has a market cap of $55.84 billion, a PE ratio of -7.85, a price-to-earnings-growth ratio of 1.90 and a beta of 0.96.

3M (NYSE:MMMGet Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share 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 business had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. During the same period in the prior year, the company posted $1.97 EPS. Equities analysts anticipate that 3M will post 7.09 earnings per share for the current fiscal year.

3M Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.77%. 3M’s dividend payout ratio (DPR) is -22.01%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Tributary Capital Management LLC bought a new stake in shares of 3M in the 1st quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. raised its holdings in 3M by 419.1% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the period. Northwest Investment Counselors LLC bought a new stake in 3M in the first quarter worth $32,000. Livelsberger Financial Advisory purchased a new position in 3M during the fourth quarter worth $35,000. Finally, CGC Financial Services LLC increased its position in 3M by 89.9% during the fourth quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate’s stock valued at $37,000 after acquiring an additional 160 shares during the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

About 3M

(Get Free Report)

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.

Further Reading

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