3M (NYSE:MMM) Shares Down 1.2%

3M (NYSE:MMM - Get Free Report)'s share price was down 1.2% during mid-day trading on Thursday . The stock traded as low as $98.91 and last traded at $99.60. Approximately 899,345 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 5,666,293 shares. The stock had previously closed at $100.79.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports 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. Barclays cut 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. JPMorgan Chase & Co. raised 3M from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. Vertical Research raised 3M from a "hold" rating to a "buy" rating and upped their price target for the company from $92.00 to $140.00 in a report on Thursday, May 16th. Finally, StockNews.com began coverage on 3M in a report on Tuesday. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, 3M currently has a consensus rating of "Hold" and a consensus target price of $107.55.

3M Stock Performance

The stock has a fifty day simple moving average of $97.79 and a 200-day simple moving average of $98.66. 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 company has a market capitalization of $55.08 billion, a P/E ratio of -7.82, a PEG ratio of 1.90 and a beta of 1.00.

3M (NYSE:MMM - Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.10 by $0.29. The firm had revenue of $8 billion for the quarter, compared to analyst estimates 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 business earned $1.97 earnings per share. 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. Shareholders of record on Friday, May 24th will be given a $0.70 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.80 annualized dividend and a yield of 2.81%. 3M's payout ratio is -47.48%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. WealthPlan Investment Management LLC acquired a new position in 3M during the 3rd quarter worth $203,000. Bahl & Gaynor Inc. lifted its stake in shares of 3M by 2.0% during the third quarter. Bahl & Gaynor Inc. now owns 13,245 shares of the conglomerate's stock valued at $1,240,000 after acquiring an additional 262 shares during the period. HHM Wealth Advisors LLC increased its position in 3M by 275.6% in the third quarter. HHM Wealth Advisors LLC now owns 477 shares of the conglomerate's stock worth $45,000 after purchasing an additional 350 shares during the period. Signaturefd LLC increased its position in 3M by 4.7% in the third quarter. Signaturefd LLC now owns 6,527 shares of the conglomerate's stock worth $611,000 after purchasing an additional 294 shares during the period. Finally, LSV Asset Management raised its holdings in 3M by 22.8% during the 3rd quarter. LSV Asset Management now owns 7,000 shares of the conglomerate's stock worth $655,000 after purchasing an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

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.