3M (NYSE:MMM) Stock Price Down 0.2% - Here's Why

3M (NYSE:MMM - Get Free Report)'s stock price traded down 0.2% on Monday . The company traded as low as $142.18 and last traded at $144.57. 481,902 shares were traded during mid-day trading, a decline of 88% from the average session volume of 4,119,218 shares. The stock had previously closed at $144.84.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MMM shares. Barclays lifted their price objective on 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Saturday, March 22nd. JPMorgan Chase & Co. boosted their price target on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Citigroup lifted their target price on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $149.13.

Remove Ads

3M Stock Down 5.4 %

The firm has a 50 day moving average price of $149.71 and a 200-day moving average price of $138.56. The firm has a market cap of $75.38 billion, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. During the same quarter last year, the firm earned $2.42 EPS. The company's revenue for the quarter was down 25.0% on a year-over-year basis. As a group, equities analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is currently 38.68%.

Insider Activity

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company's stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares of the company's stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 in the last 90 days. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp grew its holdings in shares of 3M by 1.1% during the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate's stock worth $3,717,503,000 after buying an additional 302,900 shares in the last quarter. Geode Capital Management LLC boosted its position in 3M by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 11,574,414 shares of the conglomerate's stock worth $1,493,655,000 after acquiring an additional 280,048 shares during the last quarter. Northern Trust Corp grew its stake in shares of 3M by 12.6% during the 4th quarter. Northern Trust Corp now owns 6,752,944 shares of the conglomerate's stock worth $871,738,000 after acquiring an additional 755,155 shares in the last quarter. Capital World Investors raised its holdings in shares of 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of 3M by 9.2% in the fourth quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate's stock worth $734,456,000 after purchasing an additional 479,621 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

About 3M

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.