3M (NYSE:MMM) Reaches New 52-Week Low - What's Next?

Shares of 3M (NYSE:MMM - Get Free Report) reached a new 52-week low during trading on Wednesday . The company traded as low as $134.85 and last traded at $138.85, with a volume of 3061081 shares trading hands. The stock had previously closed at $138.38.

Wall Street Analyst Weigh In

MMM has been the topic of several recent research reports. Royal Bank of Canada boosted their target price on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their target price on 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of 3M in a research note on Thursday, April 24th. Citigroup lowered their price target on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Wells Fargo & Company upgraded shares of 3M from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $147.00.

3M Price Performance

The stock has a market cap of $76.46 billion, a price-to-earnings ratio of 18.82, a P/E/G ratio of 3.30 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company's fifty day moving average is $142.33 and its two-hundred day moving average is $138.35.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.11. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $5.80 billion for the quarter, compared to the consensus estimate of $5.78 billion. As a group, research analysts predict that 3M will post 7.8 earnings per share for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.06%. 3M's dividend payout ratio (DPR) is presently 36.87%.

Institutional Investors Weigh In On 3M

A number of hedge funds have recently added to or reduced their stakes in MMM. Wayfinding Financial LLC purchased a new position in 3M in the fourth quarter valued at $851,000. Franklin Resources Inc. grew its position in shares of 3M by 26.8% during the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate's stock worth $114,770,000 after buying an additional 178,450 shares in the last quarter. Meyer Handelman Co. increased its stake in shares of 3M by 1.4% during the fourth quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate's stock worth $25,511,000 after buying an additional 2,678 shares during the period. USA Financial Formulas acquired a new stake in 3M in the fourth quarter valued at approximately $816,000. Finally, Braun Stacey Associates Inc. lifted its stake in 3M by 18.4% in the fourth quarter. Braun Stacey Associates Inc. now owns 142,596 shares of the conglomerate's stock worth $18,408,000 after acquiring an additional 22,203 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.