3M (NYSE:MMM) Share Price Crosses Above 200 Day Moving Average – Here’s Why

3M (NYSE:MMM) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $125.00 and traded as high as $130.05. 3M shares last traded at $129.09, with a volume of 2,219,565 shares.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.60.

3M Stock Performance

The company has a market cap of $70.73 billion, a PE ratio of 16.40, a PEG ratio of 2.15 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business has a 50-day moving average of $130.02 and a 200 day moving average of $125.03.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.68 EPS. Equities research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.16%. 3M’s dividend payout ratio (DPR) is 35.35%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Independent Solutions Wealth Management LLC raised its stake in 3M by 3.0% during the 3rd quarter. Independent Solutions Wealth Management LLC now owns 9,032 shares of the conglomerate’s stock worth $1,235,000 after acquiring an additional 267 shares during the period. Principal Financial Group Inc. increased its stake in shares of 3M by 15.3% in the third quarter. Principal Financial Group Inc. now owns 737,075 shares of the conglomerate’s stock worth $100,758,000 after purchasing an additional 97,741 shares in the last quarter. Old North State Trust LLC raised its position in shares of 3M by 84.6% during the 3rd quarter. Old North State Trust LLC now owns 3,805 shares of the conglomerate’s stock valued at $520,000 after purchasing an additional 1,744 shares during the period. Franklin Resources Inc. lifted its stake in shares of 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after buying an additional 178,450 shares in the last quarter. Finally, Peapack Gladstone Financial Corp boosted its holdings in 3M by 0.7% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate’s stock worth $15,993,000 after buying an additional 830 shares during the period. 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.