3M (NYSE:MMM) Shares Down 1.4% - Here's Why

Shares of 3M (NYSE:MMM - Get Free Report) traded down 1.4% during mid-day trading on Tuesday . The company traded as low as $150.76 and last traded at $151.04. 566,302 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 4,089,980 shares. The stock had previously closed at $153.21.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MMM shares. Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Citigroup upped their target price on 3M from $142.00 to $152.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 22nd. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Barclays increased their price objective on 3M from $161.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reiterated an "underperform" rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $149.13.

3M Stock Down 0.6 %

The firm has a fifty day moving average price of $148.35 and a 200 day moving average price of $137.47. The firm has a market capitalization of $81.63 billion, a price-to-earnings ratio of 19.91, a P/E/G ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

Remove Ads

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

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is 38.68%.

Insider Activity

In other 3M news, EVP Kevin H. Rhodes sold 6,743 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the completion of the sale, the executive vice president now directly owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,639 shares of company stock valued at $17,163,446. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans raised its stake in shares of 3M by 5.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate's stock valued at $8,751,000 after purchasing an additional 3,404 shares during the period. Prospera Financial Services Inc raised its position in 3M by 11.0% in the 3rd quarter. Prospera Financial Services Inc now owns 11,882 shares of the conglomerate's stock valued at $1,625,000 after buying an additional 1,182 shares during the last quarter. Cornerstone Advisors LLC lifted its stake in 3M by 5.4% in the 3rd quarter. Cornerstone Advisors LLC now owns 19,600 shares of the conglomerate's stock valued at $2,679,000 after acquiring an additional 1,000 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in 3M by 8.9% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 389,209 shares of the conglomerate's stock worth $53,205,000 after acquiring an additional 31,923 shares during the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of 3M by 93.9% during the 3rd quarter. Intech Investment Management LLC now owns 67,385 shares of the conglomerate's stock worth $9,212,000 after acquiring an additional 32,627 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.