3M (NYSE:MMM) Stock Price Down 0.8%

3M (NYSE:MMM - Get Free Report) shares dropped 0.8% during trading on Wednesday . The company traded as low as $90.57 and last traded at $91.86. Approximately 778,410 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 6,084,897 shares. The stock had previously closed at $92.61.

Wall Street Analysts Forecast Growth

MMM has been the topic of several analyst reports. Wells Fargo & Company dropped their price objective on 3M from $112.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 24th. StockNews.com assumed coverage on shares of 3M in a report on Thursday, April 4th. They issued a "buy" rating on the stock. Barclays decreased their price objective on shares of 3M from $126.00 to $107.00 and set an "overweight" rating for the company in a report on Tuesday, April 2nd. Bank of America cut their target price on shares of 3M from $110.00 to $100.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 2nd. Finally, Citigroup lifted their price target on 3M from $95.31 to $98.00 and gave the stock a "neutral" rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, 3M currently has a consensus rating of "Hold" and an average price target of $103.50.

3M Price Performance

The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The company has a fifty day moving average price of $96.11 and a 200 day moving average price of $97.37. The company has a market capitalization of $51.26 billion, a P/E ratio of -7.27, a price-to-earnings-growth ratio of 1.59 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 EPS for the quarter, topping analysts' consensus estimates of $2.31 by $0.11. The firm had revenue of $8.01 billion during the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm's revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.28 EPS. On average, sell-side analysts forecast that 3M will post 8.97 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M's previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.52%. 3M's dividend payout ratio (DPR) is currently -47.82%.

Insiders Place Their Bets

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm's stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is owned by insiders.

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. grew its holdings in shares of 3M by 3.8% during the third quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate's stock worth $239,000 after purchasing an additional 93 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of 3M by 1.2% during the first quarter. Orion Portfolio Solutions LLC now owns 7,941 shares of the conglomerate's stock valued at $1,182,000 after purchasing an additional 98 shares during the last quarter. McIlrath & Eck LLC increased its holdings in shares of 3M by 13.3% in the fourth quarter. McIlrath & Eck LLC now owns 836 shares of the conglomerate's stock valued at $100,000 after purchasing an additional 98 shares in the last quarter. Vestcor Inc raised its position in 3M by 0.8% in the 4th quarter. Vestcor Inc now owns 13,133 shares of the conglomerate's stock worth $1,575,000 after purchasing an additional 102 shares during the last quarter. Finally, Bollard Group LLC lifted its holdings in 3M by 2.0% during the 2nd quarter. Bollard Group LLC now owns 5,191 shares of the conglomerate's stock worth $520,000 after buying an additional 103 shares in the last quarter. Institutional investors own 65.25% of the company's stock.

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.