3M (NYSE:MMM - Get Free Report) saw some unusual options trading on Wednesday. Stock traders acquired 68,674 call options on the stock. This is an increase of approximately 345% compared to the typical daily volume of 15,449 call options.
Institutional Trading of 3M
Institutional investors have recently made changes to their positions in the company. FSA Wealth Management LLC purchased a new position in 3M during the third quarter worth about $27,000. Daymark Wealth Partners LLC boosted its stake in shares of 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate's stock worth $30,000 after buying an additional 17,211 shares during the last quarter. McClarren Financial Advisors Inc. grew its holdings in shares of 3M by 118.6% in the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate's stock valued at $30,000 after acquiring an additional 121 shares in the last quarter. ORG Partners LLC lifted its holdings in 3M by 44.1% during the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate's stock worth $41,000 after acquiring an additional 98 shares during the period. Finally, True Wealth Design LLC boosted its position in 3M by 2,466.7% in the third quarter. True Wealth Design LLC now owns 308 shares of the conglomerate's stock worth $42,000 after purchasing an additional 296 shares during the last quarter. Institutional investors own 65.25% of the company's stock.
3M Stock Up 1.5 %
MMM traded up $2.25 during trading on Wednesday, hitting $149.14. 7,076,527 shares of the company's stock were exchanged, compared to its average volume of 4,814,158. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $152.08. The stock has a market cap of $81.21 billion, a P/E ratio of 18.83, a PEG ratio of 2.30 and a beta of 0.95. The business's 50 day moving average is $131.73 and its two-hundred day moving average is $128.53. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.
3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results 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 return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5,770,390 billion. During the same quarter in the previous year, the business earned $2.42 EPS. The company's quarterly revenue was down 25.0% on a year-over-year basis. As a group, equities analysts expect that 3M will post 7.28 earnings per share for the current fiscal year.
3M Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.88%. The ex-dividend date was Friday, November 15th. 3M's dividend payout ratio (DPR) is presently 35.35%.
Analyst Ratings Changes
Several research analysts have recently issued reports on MMM shares. JPMorgan Chase & Co. upped their price objective on 3M from $162.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday. Royal Bank of Canada reaffirmed an "underperform" rating and set a $96.00 price target on shares of 3M in a research note on Wednesday. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $140.00 to $170.00 in a research note on Wednesday. Melius Research raised 3M from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Finally, Bank of America increased their price target on 3M from $160.00 to $175.00 and gave the company a "buy" rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $148.87.
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About 3M
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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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