3M (NYSE:MMM) Stock Price Down 1.9% – Here’s Why

3M (NYSE:MMM) fell 1.9% on Thursday . The company traded as low as $149.42 and last traded at $149.77. 656,440 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 3,988,310 shares. The stock had previously closed at $152.68.

Analyst Ratings Changes

A number of research firms have commented on MMM. Bank of America lifted their target price on 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. Barclays lifted their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada restated an “underperform” rating and set a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a report on Saturday, March 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

3M Price Performance

The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock has a market cap of $81.02 billion, a P/E ratio of 19.77, a P/E/G ratio of 3.30 and a beta of 0.97. The firm has a 50 day moving average price of $149.34 and a 200 day moving average price of $137.99.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s revenue was down 25.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.42 EPS. On average, analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 1.96%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is currently 38.68%.

Insider Buying and Selling at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the 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 owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chairman now owns 180,895 shares of the company’s stock, valued at $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,639 shares of company stock valued at $17,163,446 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Institutional Trading of 3M

Hedge funds have recently bought and sold shares of the stock. Financial Life Planners bought a new stake in shares of 3M in the fourth quarter worth about $25,000. Proficio Capital Partners LLC purchased a new position in 3M during the 4th quarter valued at approximately $26,000. REAP Financial Group LLC increased its stake in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after acquiring an additional 94 shares during the last quarter. FSA Wealth Management LLC purchased a new stake in shares of 3M during the 3rd quarter worth approximately $27,000. Finally, Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the 4th quarter valued at approximately $27,000. Hedge funds and other institutional investors 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.