3M (NYSE:MMM) Shares Up 0.6%

3M (NYSE:MMM - Get Free Report)'s stock price rose 0.6% on Friday . The company traded as high as $105.50 and last traded at $105.48. Approximately 1,205,536 shares changed hands during trading, a decline of 79% from the average daily volume of 5,719,313 shares. The stock had previously closed at $104.86.

Analysts Set New Price Targets

Several research firms recently issued reports on MMM. Vertical Research raised shares of 3M from a "hold" rating to a "buy" rating and lifted their price target for the company from $92.00 to $140.00 in a research report on Thursday. HSBC raised shares of 3M from a "hold" rating to a "buy" rating and boosted their target price for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. UBS Group raised their price target on shares of 3M from $98.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, May 1st. Bank of America decreased their price objective on 3M from $110.00 to $100.00 and set a "neutral" rating for the company in a report on Tuesday, April 2nd. Finally, StockNews.com started coverage on 3M in a report on Monday. They issued a "buy" rating on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $107.55.

3M Trading Up 0.4 %

The firm has a 50-day moving average price of $97.38 and a 200-day moving average price of $98.27. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. The stock has a market capitalization of $58.25 billion, a PE ratio of -8.28, a price-to-earnings-growth ratio of 1.87 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 EPS for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same quarter in the previous year, the firm posted $1.97 earnings per share. As a group, equities analysts forecast that 3M will post 7.23 EPS for the current fiscal year.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be given a dividend of $0.70 per share. The ex-dividend date is Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.66%. 3M's dividend payout ratio is presently -47.48%.

Institutional Investors Weigh In On 3M

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fragasso Group Inc. raised its stake in shares of 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate's stock valued at $239,000 after purchasing an additional 93 shares during the period. Bangor Savings Bank increased its position in shares of 3M by 1.0% during the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate's stock valued at $1,147,000 after buying an additional 104 shares during the period. Platinum Investment Management Ltd. boosted its position in shares of 3M by 11.4% in the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate's stock valued at $108,000 after acquiring an additional 104 shares during the period. Allen Capital Group LLC boosted its position in shares of 3M by 0.5% in the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate's stock valued at $2,288,000 after acquiring an additional 105 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in 3M by 2.0% during 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 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.