3M (NYSE:MMM) Trading Down 0.5%

Shares of 3M (NYSE:MMM - Get Free Report) dropped 0.5% on Tuesday . The stock traded as low as $104.07 and last traded at $104.70. Approximately 946,961 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 5,695,822 shares. The stock had previously closed at $105.21.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MMM shares. Vertical Research upgraded shares of 3M from a "hold" rating to a "buy" rating and upped their target price for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. Bank of America reduced their price objective 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. Barclays lowered their target price 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. HSBC raised 3M from a "hold" rating to a "buy" rating and increased their price target for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Finally, Wells Fargo & Company decreased their price objective 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $107.55.

3M Stock Down 1.9 %

The firm has a fifty day moving average of $97.92 and a 200-day moving average of $98.64. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm has a market cap of $57.10 billion, a P/E ratio of -8.11, a price-to-earnings-growth ratio of 1.94 and a beta of 1.00.

3M (NYSE:MMM - Get Free Report) last issued its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts' consensus estimates of $2.10 by $0.29. The business had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the previous year, the company earned $1.97 earnings per share. On average, equities research analysts anticipate that 3M will post 7.23 earnings per share for the current year.

3M Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Friday, May 24th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Thursday, May 23rd. 3M's payout ratio is presently -47.48%.

Institutional Trading of 3M

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in 3M by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate's stock valued at $5,246,367,000 after buying an additional 377,703 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position 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. Norges Bank acquired a new stake in 3M in the 4th quarter worth about $502,585,000. Bank of New York Mellon Corp boosted its holdings in 3M by 10.6% in the 1st quarter. Bank of New York Mellon Corp now owns 4,531,722 shares of the conglomerate's stock valued at $480,680,000 after purchasing an additional 435,439 shares during the period. Finally, Invesco Ltd. grew its position in shares of 3M by 2.4% during the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate's stock worth $382,246,000 after purchasing an additional 94,864 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.