3M (NYSE:MMM) Stock Price Up 0% – Here’s Why

3M (NYSE:MMM) rose 0% during trading on Thursday . The stock traded as high as $153.45 and last traded at $153.27. Approximately 474,550 shares were traded during trading, a decline of 88% from the average daily volume of 4,055,735 shares. The stock had previously closed at $153.21.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Barclays lifted their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 price objective on shares of 3M in a research note on Thursday, February 27th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Trading Down 0.6 %

The business’s 50-day simple moving average is $148.35 and its 200-day simple moving average is $137.47. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The company has a market cap of $81.63 billion, a PE ratio of 19.91, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period last year, the business earned $2.42 EPS. The business’s quarterly revenue was down 25.0% on a year-over-year basis. As a group, analysts expect that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a dividend of $0.73 per share. The ex-dividend date was Friday, February 14th. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.94%. 3M’s dividend payout ratio (DPR) is 38.68%.

Insider Transactions at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares of the company’s stock, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total value of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company’s stock, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Financial Life Planners bought a new position in shares of 3M in the 4th quarter valued at approximately $25,000. Proficio Capital Partners LLC bought a new position in shares of 3M in the 4th quarter valued at approximately $26,000. REAP Financial Group LLC raised its stake in shares of 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 94 shares in the last quarter. FSA Wealth Management LLC bought a new position in shares of 3M in the 3rd quarter valued at approximately $27,000. Finally, Hazlett Burt & Watson Inc. bought a new position in shares of 3M in the 4th quarter valued at approximately $27,000. 65.25% of the stock is owned by institutional investors.

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.