3M (NYSE:MMM) Trading 0.1% Higher - Here's What Happened

3M (NYSE:MMM - Get Free Report)'s share price was up 0.1% during trading on Wednesday . The company traded as high as $154.43 and last traded at $153.60. Approximately 293,218 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 4,001,932 shares. The stock had previously closed at $153.50.

Analyst Upgrades and Downgrades

MMM has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a report on Wednesday, January 22nd. Barclays increased their target price on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a report on Saturday, March 22nd. Wells Fargo & Company upgraded 3M from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada reissued an "underperform" rating and issued a $96.00 price objective on shares of 3M in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, 3M presently has an average rating of "Moderate Buy" and a consensus target price of $149.13.

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3M Price Performance

The stock has a fifty day moving average of $149.60 and a 200 day moving average of $138.17. The stock has a market cap of $78.58 billion, a price-to-earnings ratio of 19.17, a P/E/G 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 announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to analysts' expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business's quarterly revenue was down 25.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.42 EPS. On average, analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's payout ratio is 38.68%.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the sale, the insider now directly owns 5,024 shares of the company's stock, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the transaction, the executive vice president now directly owns 194 shares of the company's stock, valued at $29,918.68. The trade was a 90.02 % decrease in their position. 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 over the last ninety days. Company insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

A number of institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in 3M during the fourth quarter worth approximately $636,767,000. Invesco Ltd. increased its holdings in 3M by 51.6% in the 4th quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate's stock worth $576,845,000 after acquiring an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. purchased a new stake in 3M in the 4th quarter worth $175,110,000. Capital World Investors raised its position in 3M by 25.4% during the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate's stock worth $794,410,000 after acquiring an additional 1,248,093 shares during the period. Finally, Amundi grew its position in shares of 3M by 55.7% in the fourth quarter. Amundi now owns 2,511,095 shares of the conglomerate's stock valued at $337,815,000 after purchasing an additional 898,244 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.