3M (NYSE:MMM) Shares Down 0.1% – Here’s Why

3M (NYSE:MMM)’s share price was down 0.1% during trading on Thursday . The stock traded as low as $145.86 and last traded at $147.51. Approximately 761,944 shares were traded during trading, a decline of 82% from the average daily volume of 4,292,672 shares. The stock had previously closed at $147.61.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MMM shares. Bank of America upped their price target on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a research note on Thursday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research note on Wednesday, February 19th. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Thursday, February 27th. Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Finally, UBS Group upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $130.00 to $184.00 in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $149.13.

3M Stock Down 0.4 %

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 market capitalization of $79.80 billion, a P/E ratio of 19.47, a price-to-earnings-growth ratio of 3.30 and a beta of 0.96. The business has a 50 day moving average price of $143.87 and a 200 day moving average price of $135.96.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the previous year, the business posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be issued a $0.73 dividend. The ex-dividend date of this dividend is Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.99%. 3M’s dividend payout ratio is 38.68%.

Insider Transactions at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of 3M stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the sale, the executive vice president now owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Financial Life Planners bought a new stake in shares of 3M in the 4th quarter valued at approximately $25,000. FSA Wealth Management LLC acquired a new stake in 3M in the 3rd quarter valued at $27,000. REAP Financial Group LLC grew its position 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 acquiring an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new position in 3M during the fourth quarter worth $27,000. Finally, Pinney & Scofield Inc. bought a new position in shares of 3M during the fourth quarter valued at $28,000. 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.