3M (NYSE:MMM) Stock Price Up 0.3% - Here's Why

3M (NYSE:MMM - Get Free Report)'s share price was up 0.3% during mid-day trading on Monday . The company traded as high as $128.81 and last traded at $127.63. Approximately 506,906 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 4,893,422 shares. The stock had previously closed at $127.22.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MMM. Melius Research upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $180.00 price objective for the company in a research note on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft raised 3M from a "hold" rating to a "buy" rating and increased their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Wells Fargo & Company boosted their target price on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Monday, October 7th. Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Finally, Argus upgraded shares of 3M from a "hold" rating to a "buy" rating and set a $145.00 target price on the stock in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $139.27.

3M Stock Down 1.1 %

The company has a market capitalization of $68.53 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 2.07 and a beta of 0.95. The company's fifty day moving average is $132.88 and its 200-day moving average is $115.73. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion for the quarter, compared to analysts' expectations of $6.06 billion. During the same quarter in the previous year, the company earned $2.68 EPS. 3M's revenue for the quarter was down 24.3% on a year-over-year basis. As a group, analysts predict that 3M will post 7.28 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.22%. The ex-dividend date was Monday, August 26th. 3M's dividend payout ratio (DPR) is presently 35.35%.

Insiders Place Their Bets

In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares of the company's stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of 3M

A number of large investors have recently made changes to their positions in the business. Capital World Investors bought a new stake in shares of 3M in the 1st quarter worth about $165,986,000. International Assets Investment Management LLC lifted its stake in 3M by 11,601.2% in the third quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate's stock worth $172,416,000 after purchasing an additional 1,250,491 shares during the last quarter. National Bank of Canada FI grew its stake in shares of 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate's stock valued at $147,344,000 after buying an additional 1,021,440 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate's stock valued at $94,247,000 after buying an additional 808,914 shares during the last quarter. Finally, Electron Capital Partners LLC purchased a new stake in shares of 3M in the second quarter worth approximately $76,732,000. 65.25% of the stock is currently owned by institutional investors.

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.