3M (NYSE:MMM) Stock Price Up 1.1% – Should You Buy?

Shares of 3M (NYSE:MMM) traded up 1.1% during mid-day trading on Tuesday . The stock traded as high as $148.05 and last traded at $148.52. 1,202,608 shares were traded during mid-day trading, a decline of 71% from the average session volume of 4,116,754 shares. The stock had previously closed at $146.86.

Analyst Ratings Changes

A number of research firms have recently commented on MMM. Barclays increased their price objective on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup boosted their price target on 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Bank of America increased their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

3M Stock Performance

The stock’s 50-day simple moving average is $149.72 and its 200-day simple moving average is $138.39. The stock has a market cap of $79.26 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

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

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio (DPR) is currently 38.68%.

Insider Activity

In related news, CAO Theresa E. Reinseth sold 2,309 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the completion of the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the completion of the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last quarter. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

Several hedge funds have recently made changes to their positions in MMM. Financial Life Planners purchased a new position in shares of 3M during the fourth quarter worth about $25,000. Proficio Capital Partners LLC purchased a new position in shares of 3M during the 4th quarter valued at about $26,000. REAP Financial Group LLC boosted its stake in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock worth $26,000 after buying an additional 94 shares in the last quarter. FSA Wealth Management LLC bought a new position in 3M during the third quarter valued at approximately $27,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in shares of 3M during the fourth quarter worth approximately $27,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

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.