3M (NYSE:MMM) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

3M (NYSE:MMM) shares saw an uptick in trading volume on Tuesday after the company announced better than expected quarterly earnings. 2,587,721 shares traded hands during mid-day trading, a decline of 33% from the previous session’s volume of 3,865,838 shares.The stock last traded at $148.11 and had previously closed at $141.03.

The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5,770,390 billion. During the same quarter in the previous year, the firm earned $2.42 EPS. The company’s quarterly revenue was down 25.0% compared to the same quarter last year.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were given a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.89%. 3M’s payout ratio is 35.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MMM. Weiss Ratings reissued a “hold (c)” rating on shares of 3M in a report on Saturday. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Barclays reduced their price target on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Bank of America raised their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.13.

Hedge Funds Weigh In On 3M

Several large investors have recently made changes to their positions in MMM. FMR LLC raised its position in 3M by 88.7% in the third quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock valued at $1,225,087,000 after purchasing an additional 4,212,409 shares during the period. International Assets Investment Management LLC raised its holdings in shares of 3M by 11,601.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,261,270 shares of the conglomerate’s stock valued at $172,416,000 after buying an additional 1,250,491 shares during the period. Electron Capital Partners LLC purchased a new stake in shares of 3M in the 2nd quarter valued at $76,732,000. Jennison Associates LLC purchased a new position in 3M during the 3rd quarter valued at about $82,208,000. Finally, Parsifal Capital Management LP grew its position in 3M by 179.0% in the 3rd quarter. Parsifal Capital Management LP now owns 820,094 shares of the conglomerate’s stock valued at $112,107,000 after acquiring an additional 526,194 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

The company has a market capitalization of $80.69 billion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 2.30 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock’s 50 day simple moving average is $131.40 and its 200-day simple moving average is $128.20.

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.