3M (NYSE:MMM) Trading 1.6% Higher - Here's What Happened

3M (NYSE:MMM - Get Free Report)'s stock price rose 1.6% during trading on Monday . The stock traded as high as $153.54 and last traded at $152.83. Approximately 998,879 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 4,091,295 shares. The stock had previously closed at $150.41.

Analyst Upgrades and Downgrades

MMM has been the subject of several analyst reports. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Bank of America increased their price objective on shares of 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research report on Friday, March 7th. 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, JPMorgan Chase & Co. raised their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, 3M has an average rating of "Moderate Buy" and a consensus price target of $149.13.

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3M Stock Performance

The company has a market cap of $81.43 billion, a PE ratio of 19.87, a PEG ratio of 3.30 and a beta of 0.97. The business's 50-day moving average is $147.96 and its 200 day moving average is $137.36. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41.

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

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.95%. 3M's payout ratio is presently 38.68%.

Insider Buying and Selling at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the sale, the executive vice president now owns 194 shares of the company's stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated 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 in the company, valued at $750,736.32. The trade was a 55.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 3M

Several hedge funds have recently bought and sold shares of MMM. Thrivent Financial for Lutherans boosted its stake in 3M by 5.6% during the third quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate's stock worth $8,751,000 after acquiring an additional 3,404 shares in the last quarter. Pathstone Holdings LLC raised its holdings in 3M by 1.4% in the third quarter. Pathstone Holdings LLC now owns 74,143 shares of the conglomerate's stock worth $10,135,000 after buying an additional 1,054 shares during the last quarter. Prospera Financial Services Inc raised its holdings in shares of 3M by 11.0% during the third quarter. Prospera Financial Services Inc now owns 11,882 shares of the conglomerate's stock valued at $1,625,000 after purchasing an additional 1,182 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of 3M during the third quarter valued at approximately $3,138,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of 3M during the third quarter valued at approximately $276,000. Institutional investors own 65.25% of the company's stock.

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.