3M (NYSE:MMM - Get Free Report)'s stock price traded up 3.6% during mid-day trading on Thursday . The stock traded as high as $104.99 and last traded at $104.85. 2,855,825 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 5,706,291 shares. The stock had previously closed at $101.24.
Wall Street Analysts Forecast Growth
MMM has been the topic of a number of research reports. Barclays lowered their target price on 3M from $126.00 to $107.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 2nd. StockNews.com assumed coverage on shares of 3M in a research note on Monday. They issued a "buy" rating on the stock. UBS Group boosted their target price on shares of 3M from $98.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 1st. Royal Bank of Canada raised their target price on 3M from $78.00 to $87.00 and gave the company an "underperform" rating in a report on Wednesday, May 1st. Finally, HSBC raised shares of 3M from a "hold" rating to a "buy" rating and upped their price objective for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $107.55.
Read Our Latest Stock Analysis on MMM
3M Stock Performance
The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. The company has a 50 day simple moving average of $97.13 and a 200-day simple moving average of $98.22. The stock has a market capitalization of $58.03 billion, a P/E ratio of -8.24, a price-to-earnings-growth ratio of 1.84 and a beta of 1.00.
3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to analysts' expectations of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the previous year, the business posted $1.97 EPS. On average, equities analysts forecast that 3M will post 7.23 EPS for the current year.
3M Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be paid a $0.70 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.67%. 3M's dividend payout ratio is -47.48%.
Institutional Investors Weigh In On 3M
A number of institutional investors and hedge funds have recently modified their holdings of MMM. Fragasso Group Inc. raised its position in 3M by 3.8% in the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate's stock worth $239,000 after acquiring an additional 93 shares during the period. Bangor Savings Bank raised its holdings in 3M by 1.0% in the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate's stock worth $1,147,000 after purchasing an additional 104 shares during the period. Platinum Investment Management Ltd. lifted its position in 3M by 11.4% during the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate's stock valued at $108,000 after purchasing an additional 104 shares in the last quarter. Allen Capital Group LLC increased its position in 3M by 0.5% in the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate's stock worth $2,288,000 after buying an additional 105 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in 3M by 2.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate's stock worth $562,000 after acquiring an additional 105 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.
About 3M
(
Get Free Report)
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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