3M (NYSE:MMM) Shares Down 1% - Here's What Happened

3M (NYSE:MMM - Get Free Report) was down 1% during trading on Friday . The company traded as low as $148.07 and last traded at $149.80. Approximately 1,668,477 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 4,037,035 shares. The stock had previously closed at $151.27.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price target on 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, January 22nd. Bank of America lifted their price objective on 3M from $175.00 to $179.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Royal Bank of Canada reiterated an "underperform" rating and set a $96.00 target price on shares of 3M in a research report on Thursday, February 27th. Finally, 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 report on Wednesday, January 22nd. Two investment 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 stock currently has a consensus rating of "Moderate Buy" and an average target price of $149.13.

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3M Stock Up 0.0 %

The business has a fifty day moving average of $148.72 and a 200-day moving average of $137.71. The stock has a market cap of $83.18 billion, a PE ratio of 20.29, a price-to-earnings-growth 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 issued 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 analysts' expectations 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 in the prior year, the business earned $2.42 EPS. Equities research analysts anticipate that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Friday, February 14th. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio is presently 38.68%.

Insider Activity at 3M

In other news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 45,276 shares of the company's stock in a transaction on Friday, January 24th. The stock was sold at an average price of $150.01, for a total value of $6,791,852.76. Following the sale, the chairman now owns 175,718 shares of the company's stock, valued at $26,359,457.18. This trade represents a 20.49 % decrease in their ownership of the stock. 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. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MMM. Financial Life Planners purchased a new position in shares of 3M during the 4th quarter valued at approximately $25,000. Proficio Capital Partners LLC acquired a new stake in 3M during the fourth quarter valued at $26,000. REAP Financial Group LLC increased its holdings in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after buying an additional 94 shares in the last quarter. FSA Wealth Management LLC acquired a new position in shares of 3M in the third quarter worth about $27,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in shares of 3M during the 4th quarter valued at about $27,000. Institutional investors 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.