3M (NYSE:MMM) Trading Up 2% - What's Next?

3M (NYSE:MMM - Get Free Report) rose 2% during trading on Monday . The company traded as high as $153.40 and last traded at $153.31. Approximately 502,325 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 4,018,078 shares. The stock had previously closed at $150.36.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Bank of America lifted their price target on shares of 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 shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $96.00 target price on shares of 3M in a report on Thursday, February 27th. Finally, Citigroup increased their price target on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $149.13.

3M Stock Performance

The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm has a fifty day moving average price of $149.52 and a two-hundred day moving average price of $138.06. The stock has a market capitalization of $78.74 billion, a PE ratio of 19.18, a P/E/G ratio of 3.30 and a beta of 0.97.

Remove Ads

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The business's revenue for the quarter was down 25.0% compared to the same quarter last year. During the same period last year, the company earned $2.42 earnings per share. Research analysts expect that 3M will post 7.8 EPS for the current 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 annualized dividend and a yield of 2.01%. This is a boost from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. 3M's dividend payout ratio is presently 38.68%.

Insider Buying and Selling

In other news, CAO Theresa E. Reinseth sold 2,309 shares of the firm's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the sale, the chief accounting officer now directly owns 4,417 shares in the company, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred 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 sale, 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 sold 113,639 shares of company stock valued at $17,163,446 over the last 90 days. Corporate insiders own 0.34% of the company's stock.

Hedge Funds Weigh In On 3M

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Investors Asset Management of Georgia Inc. GA ADV raised its position in 3M by 1.3% during the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate's stock worth $694,000 after acquiring an additional 67 shares during the last quarter. Parkside Financial Bank & Trust raised its position in shares of 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate's stock worth $665,000 after purchasing an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC lifted its stake in 3M by 2.5% in the 4th quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate's stock valued at $381,000 after buying an additional 71 shares in the last quarter. Gilbert & Cook Inc. increased its position in 3M by 1.5% during the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate's stock worth $659,000 after purchasing an additional 73 shares in the last quarter. Finally, Childress Capital Advisors LLC lifted its holdings in 3M by 5.1% in the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate's stock valued at $203,000 after purchasing an additional 76 shares in the last quarter. Institutional investors and hedge funds 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.