3M (NYSE:MMM) Stock Price Down 1.5%

3M (NYSE:MMM - Get Free Report) dropped 1.5% during mid-day trading on Wednesday . The stock traded as low as $101.44 and last traded at $101.56. Approximately 955,532 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 5,683,666 shares. The stock had previously closed at $103.14.

Analysts Set New Price Targets

A number of research analysts have recently commented on MMM shares. Bank of America cut their target price on 3M from $110.00 to $100.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 2nd. Citigroup lifted their target price on 3M from $98.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 1st. StockNews.com began coverage on shares of 3M in a research note on Tuesday. They set a "buy" rating for the company. Royal Bank of Canada raised their price target on shares of 3M from $78.00 to $87.00 and gave the stock an "underperform" rating in a research note on Wednesday, May 1st. Finally, Barclays lowered their price objective on shares of 3M from $126.00 to $107.00 and set an "overweight" rating for the company in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $107.55.

3M Stock Down 1.6 %

The company's fifty day simple moving average is $97.92 and its 200-day simple moving average is $98.64. 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 firm has a market capitalization of $56.16 billion, a PE ratio of -7.98, a price-to-earnings-growth ratio of 1.94 and a beta of 1.00.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. During the same quarter in the prior year, the company posted $1.97 earnings per share. On average, analysts forecast that 3M will post 7.23 EPS for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Thursday, May 23rd. 3M's payout ratio is -47.48%.

Hedge Funds Weigh In On 3M

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of 3M in the fourth quarter worth about $502,585,000. Pacer Advisors Inc. grew its stake in shares of 3M by 1,273.9% during the 4th quarter. Pacer Advisors Inc. now owns 3,783,726 shares of the conglomerate's stock worth $413,637,000 after purchasing an additional 3,508,334 shares during the period. Balyasny Asset Management L.P. increased its holdings in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate's stock valued at $289,803,000 after purchasing an additional 2,010,319 shares in the last quarter. Capital World Investors acquired a new position in shares of 3M in the 1st quarter valued at $165,986,000. Finally, Los Angeles Capital Management LLC boosted its holdings in 3M by 157.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate's stock worth $197,377,000 after buying an additional 1,103,459 shares in the last quarter. Institutional investors and hedge funds 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.