3M (NYSE:MMM) Trading 0.5% Higher

3M (NYSE:MMM)’s share price traded up 0.5% during trading on Tuesday . The stock traded as high as $128.07 and last traded at $127.69. 412,622 shares were traded during trading, a decline of 92% from the average session volume of 5,297,747 shares. The stock had previously closed at $127.08.

Analysts Set New Price Targets

Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Argus raised 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. UBS Group increased their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $123.57.

3M Stock Performance

The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The stock has a market cap of $70.66 billion, a price-to-earnings ratio of -10.01, a PEG ratio of 2.34 and a beta of 0.95. The firm has a fifty day moving average of $110.21 and a 200 day moving average of $101.40.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the firm earned $2.17 earnings per share. As a group, sell-side analysts forecast that 3M will post 7.21 EPS for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be issued a $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.19%. 3M’s dividend payout ratio is presently -22.01%.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in 3M during the 4th quarter worth about $502,585,000. Balyasny Asset Management L.P. lifted its holdings in 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after buying an additional 2,010,319 shares during the last quarter. Capital World Investors purchased a new stake in 3M during the 1st quarter worth about $165,986,000. Los Angeles Capital Management LLC lifted its holdings in 3M by 157.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after buying an additional 1,103,459 shares during the last quarter. Finally, National Bank of Canada FI lifted its holdings in 3M by 218.3% during the 1st quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after buying an additional 1,021,440 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.