3M (NYSE:MMM) Stock Price Up 0.4%

3M (NYSE:MMMGet Free Report) shares shot up 0.4% on Friday . The company traded as high as $102.09 and last traded at $102.06. 1,452,284 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 5,530,157 shares. The stock had previously closed at $101.66.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MMM. Bank of America upgraded 3M from a “neutral” rating to a “buy” rating and increased their price target for the company from $105.00 to $120.00 in a research note on Friday, June 7th. Vertical Research raised 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $92.00 to $140.00 in a report on Thursday, May 16th. HSBC raised 3M from a “hold” rating to a “buy” rating and upped their price objective for the company from $91.13 to $115.00 in a report on Friday, May 10th. Citigroup upped their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, UBS Group upped their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, 3M currently has an average rating of “Hold” and an average target price of $111.58.

View Our Latest Stock Analysis on MMM

3M Trading Up 0.5 %

The business’s 50 day moving average price is $97.91 and its two-hundred day moving average price is $99.30. 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 company has a market capitalization of $56.52 billion, a price-to-earnings ratio of -8.02, a P/E/G ratio of 1.90 and a beta of 0.96.

3M (NYSE:MMMGet Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter last year, the business earned $1.97 EPS. On average, equities analysts predict that 3M will post 7.09 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors 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 dividend on an annualized basis and a yield of 2.74%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after purchasing an additional 377,703 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of 3M by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after acquiring an additional 43,732 shares in the last quarter. Norges Bank bought a new stake in shares of 3M in the 4th quarter valued at $502,585,000. Bank of New York Mellon Corp increased its stake in shares of 3M by 10.6% in 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 in the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of 3M by 1,273.9% in the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate’s stock valued at $413,637,000 after acquiring an additional 3,508,334 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

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.

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