3M (NYSE:MMM) PT Lowered to $110.00

3M (NYSE:MMM - Free Report) had its price objective trimmed by JPMorgan Chase & Co. from $118.00 to $110.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a neutral rating on the conglomerate's stock.

Several other equities research analysts have also recently commented on MMM. Wells Fargo & Company decreased their target price on 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research note on Wednesday, January 24th. Citigroup raised their price objective on 3M from $95.31 to $98.00 and gave the company a neutral rating in a research note on Monday, April 8th. Bank of America reduced their price objective on 3M from $110.00 to $100.00 and set a neutral rating for the company in a research note on Tuesday, April 2nd. Mizuho reissued a neutral rating and issued a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. Finally, StockNews.com raised 3M from a buy rating to a strong-buy rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $104.00.

3M Price Performance

Shares of MMM stock traded down $0.10 on Wednesday, hitting $90.95. 3,420,952 shares of the company's stock were exchanged, compared to its average volume of 5,937,206. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. 3M has a 12 month low of $71.12 and a 12 month high of $95.67. The stock has a market cap of $50.33 billion, a P/E ratio of -7.20, a price-to-earnings-growth ratio of 1.61 and a beta of 1.02. The company has a 50 day moving average of $95.87 and a 200 day moving average of $97.31.

3M (NYSE:MMM - Get Free Report) last posted its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period last year, the company earned $2.28 earnings per share. The business's quarterly revenue was down 1.1% on a year-over-year basis. On average, equities research analysts predict that 3M will post 8.79 EPS for the current year.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.64%. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from 3M's previous quarterly dividend of $1.50. 3M's dividend payout ratio (DPR) is currently -47.82%.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.38% of the company's stock.

Institutional Trading of 3M

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in 3M by 0.7% during the third quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate's stock worth $4,590,533,000 after acquiring an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in 3M by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate's stock worth $1,320,649,000 after acquiring an additional 43,732 shares during the period. Geode Capital Management LLC lifted its holdings in 3M by 5.7% during the first quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate's stock worth $1,203,635,000 after acquiring an additional 619,370 shares during the period. Morgan Stanley raised its stake in shares of 3M by 8.3% in the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate's stock valued at $1,291,535,000 after buying an additional 825,223 shares during the period. Finally, Northern Trust Corp raised its stake in shares of 3M by 0.6% in the first quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate's stock valued at $1,103,670,000 after buying an additional 44,714 shares during the period. 65.25% of the stock is currently owned by institutional investors.

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.