3M (NYSE:MMM) Stock Price Down 1.4% – Here’s Why

Shares of 3M (NYSE:MMM) traded down 1.4% during trading on Tuesday . The company traded as low as $150.76 and last traded at $151.04. 566,302 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 4,089,980 shares. The stock had previously closed at $153.21.

Wall Street Analyst Weigh In

Several research analysts have commented on MMM shares. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Barclays boosted their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Finally, Bank of America boosted their price target on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $149.13.

3M Trading Up 1.5 %

The business has a fifty day moving average of $147.62 and a 200-day moving average of $137.26. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.08 and a current ratio of 1.41. The company has a market capitalization of $83.17 billion, a P/E ratio of 20.29, a PEG ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating 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 business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period last year, the business earned $2.42 EPS. The business’s revenue was down 25.0% on a year-over-year basis. Analysts anticipate that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were paid a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This is a boost from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a yield of 1.91%. 3M’s dividend payout ratio (DPR) is 38.68%.

Insider Activity

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of 3M stock in a transaction dated 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 sale, the insider now owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now directly owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock valued at $17,163,446 in the last ninety days. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MMM. Thrivent Financial for Lutherans grew its holdings in 3M by 5.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 64,013 shares of the conglomerate’s stock valued at $8,751,000 after buying an additional 3,404 shares in the last quarter. Pathstone Holdings LLC grew its holdings in 3M by 1.4% during the 3rd quarter. Pathstone Holdings LLC now owns 74,143 shares of the conglomerate’s stock valued at $10,135,000 after buying an additional 1,054 shares in the last quarter. Caprock Group LLC grew its holdings in 3M by 8.6% during the 3rd quarter. Caprock Group LLC now owns 19,768 shares of the conglomerate’s stock valued at $2,702,000 after buying an additional 1,565 shares in the last quarter. Prospera Financial Services Inc grew its holdings in 3M by 11.0% during the 3rd quarter. Prospera Financial Services Inc now owns 11,882 shares of the conglomerate’s stock valued at $1,625,000 after buying an additional 1,182 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its holdings in 3M by 24.9% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 7,238 shares of the conglomerate’s stock valued at $989,000 after buying an additional 1,443 shares in the last quarter. Hedge funds and other 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.