3M (NYSE:MMM) Stock Price Up 1.7% on Strong Earnings

3M (NYSE:MMM - Get Free Report) rose 1.7% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $142.15 and last traded at $138.66. Approximately 1,814,218 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 4,171,382 shares. The stock had previously closed at $136.33.

The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were given a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This is a positive change from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.11%. 3M's payout ratio is currently 38.68%.

Wall Street Analyst Weigh In

MMM has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. JPMorgan Chase & Co. decreased their target price on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Barclays boosted their price target on 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Citigroup dropped their target price on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Two 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 company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $146.73.

Insider Activity at 3M

In other news, Chairman Michael F. Roman sold 49,598 shares of the company's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the completion of the sale, the chairman now owns 180,895 shares of the company's stock, valued at $27,550,308.50. This represents a 21.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Victoria Clarke sold 1,750 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The stock was 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 in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On 3M

A number of hedge funds have recently modified their holdings of MMM. Financial Life Planners bought a new position in shares of 3M in the fourth quarter worth about $25,000. REAP Financial Group LLC raised its stake in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares during the period. Curat Global LLC bought a new position in shares of 3M in the first quarter worth approximately $29,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of 3M in the fourth quarter worth $27,000. Finally, Pinney & Scofield Inc. bought a new stake in shares of 3M during the 4th quarter valued at $28,000. Institutional investors own 65.25% of the company's stock.

3M Stock Up 1.7 %

The stock has a market capitalization of $74.78 billion, a P/E ratio of 18.37, a P/E/G ratio of 3.30 and a beta of 1.01. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company's 50-day moving average price is $143.82 and its 200 day moving average price is $138.18.

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.

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