3M (NYSE:MMM) Shares Down 1.1%

Shares of 3M (NYSE:MMM) traded down 1.1% on Wednesday . The stock traded as low as $98.26 and last traded at $98.61. Approximately 1,240,178 shares were traded during trading, a decline of 77% from the average daily volume of 5,352,525 shares. The stock had previously closed at $99.69.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MMM shares. JPMorgan Chase & Co. raised shares of 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. Barclays increased their target price on 3M from $118.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday. UBS Group boosted their price target on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. StockNews.com started coverage on 3M in a research note on Thursday, June 6th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M currently has an average rating of “Hold” and an average price target of $112.17.

3M Price Performance

The stock has a market capitalization of $57.11 billion, a price-to-earnings ratio of -8.11, a P/E/G ratio of 1.89 and a beta of 0.95. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The business has a 50-day simple moving average of $100.58 and a two-hundred day simple moving average of $99.03.

3M (NYSE:MMM) last released its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the prior year, the firm posted $1.97 earnings per share. As a group, research analysts predict that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.71%. 3M’s dividend payout ratio (DPR) is -22.01%.

Institutional Investors Weigh In On 3M

Several hedge funds have recently modified their holdings of MMM. 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 buying an additional 377,703 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of 3M by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock worth $1,320,649,000 after buying an additional 43,732 shares during the period. Norges Bank purchased a new stake in 3M in the 4th quarter worth about $502,585,000. Bank of New York Mellon Corp boosted its position in 3M by 10.6% during the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate’s stock worth $480,680,000 after acquiring an additional 435,439 shares during the period. Finally, Pacer Advisors Inc. grew its stake in 3M by 1,273.9% during 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. 65.25% of the stock is 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.