3M (NYSE:MMM - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $125.00 and traded as high as $130.05. 3M shares last traded at $129.09, with a volume of 2,219,565 shares.
Analysts Set New Price Targets
A number of research analysts have recently commented on MMM shares. Wells Fargo & Company increased their price target on 3M from $130.00 to $140.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Royal Bank of Canada lifted their price target on 3M from $99.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, October 23rd. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They issued an "underweight" rating and a $125.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on shares of 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, October 28th. Finally, Melius upgraded shares of 3M from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of "Moderate Buy" and an average price target of $144.87.
Get Our Latest Research Report on MMM
3M Price Performance
The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The business has a 50 day moving average price of $130.02 and a 200-day moving average price of $125.03. The company has a market capitalization of $70.63 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 2.15 and a beta of 0.95.
3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company's quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.68 EPS. Research analysts predict that 3M will post 7.27 EPS for the current fiscal year.
3M Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend was Friday, November 15th. 3M's payout ratio is 35.35%.
Institutional Investors Weigh In On 3M
A number of hedge funds have recently added to or reduced their stakes in MMM. CVA Family Office LLC raised its holdings in shares of 3M by 1.9% in the 3rd quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate's stock worth $571,000 after acquiring an additional 79 shares during the last quarter. Harbour Investments Inc. lifted its holdings in shares of 3M by 0.8% in the third quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate's stock valued at $1,443,000 after purchasing an additional 81 shares in the last quarter. Fortis Capital Advisors LLC lifted its holdings in shares of 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock valued at $307,000 after purchasing an additional 84 shares in the last quarter. KMG Fiduciary Partners LLC boosted its position in shares of 3M by 0.5% during the third quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate's stock valued at $2,213,000 after buying an additional 84 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. grew its holdings in 3M by 1.3% during the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate's stock worth $884,000 after buying an additional 84 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.
About 3M
(
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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.
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