3M (NYSE:MMM) Trading 1.7% Higher After Better-Than-Expected Earnings

3M (NYSE:MMM - Get Free Report) shares traded up 1.7% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $142.15 and last traded at $138.66. 1,814,218 shares traded hands during trading, a decline of 57% from the average session volume of 4,171,382 shares. The stock had previously closed at $136.33.

The conglomerate reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $5.78 billion.

3M Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.13%. This is a boost from 3M's previous quarterly dividend of $0.70. 3M's dividend payout ratio (DPR) is currently 36.87%.

Analyst Upgrades and Downgrades

MMM has been the topic of several research reports. Bank of America upped their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Barclays increased their price objective on 3M from $160.00 to $164.00 and gave the company an "overweight" rating in a report on Wednesday. Royal Bank of Canada upped their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research report on Wednesday. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, 3M has an average rating of "Moderate Buy" and a consensus price target of $147.00.

Insiders Place Their Bets

In other 3M news, EVP Victoria Clarke sold 1,750 shares of the business's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the business's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the sale, the insider now owns 5,153 shares of the company's stock, valued at $774,238.25. The trade was a 24.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,736 shares of company stock worth $9,081,260. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Financial Life Planners purchased a new stake in 3M in the 4th quarter valued at about $25,000. Proficio Capital Partners LLC acquired a new position in shares of 3M in the fourth quarter worth $26,000. REAP Financial Group LLC increased its holdings in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new stake in 3M in the fourth quarter valued at approximately $27,000. Finally, Pinney & Scofield Inc. acquired a new stake in shares of 3M in the 4th quarter valued at $28,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Price Performance

The stock has a fifty day simple moving average of $143.15 and a 200-day simple moving average of $138.23. The company has a market capitalization of $73.89 billion, a PE ratio of 18.19, 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.

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.