3M (NYSE:MMM) Stock Price Down 1.1%

3M (NYSE:MMM)’s share price dropped 1.1% on Thursday . The company traded as low as $90.65 and last traded at $90.97. Approximately 736,467 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 5,715,418 shares. The stock had previously closed at $92.02.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of analyst reports. Citigroup upped their price objective on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Wells Fargo & Company decreased their price objective on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Mizuho reissued a “neutral” rating and set a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Finally, Bank of America cut their target price on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $104.00.

3M Stock Performance

The company has a market cap of $50.80 billion, a PE ratio of -7.27, a PEG ratio of 1.73 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The firm’s 50 day moving average is $95.71 and its 200-day moving average is $97.37.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8.01 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the prior year, the company earned $2.28 EPS. 3M’s revenue was down 1.1% compared to the same quarter last year. On average, research analysts anticipate that 3M will post 8.19 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.58%. 3M’s dividend payout ratio is -47.82%.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of 3M by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock worth $4,590,533,000 after acquiring an additional 317,483 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of 3M by 0.4% in the 4th 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 last quarter. Norges Bank acquired a new position in shares of 3M in the 4th quarter worth approximately $502,585,000. Bank of New York Mellon Corp lifted its holdings in shares of 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 worth $480,680,000 after acquiring an additional 435,439 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of 3M by 2.4% in the 3rd quarter. Invesco Ltd. now owns 4,082,950 shares of the conglomerate’s stock worth $382,246,000 after acquiring an additional 94,864 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.