3M (NYSE:MMM) Stock Price Down 1.4% – Here’s Why

3M (NYSE:MMM) shares were down 1.4% during mid-day trading on Tuesday . The company traded as low as $150.76 and last traded at $151.04. Approximately 566,302 shares were traded during trading, a decline of 86% from the average daily volume of 4,089,980 shares. The stock had previously closed at $153.21.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MMM shares. Weiss Ratings restated a “hold (c+)” rating on shares of 3M in a research report on Friday, March 7th. Barclays boosted their price objective on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Citigroup boosted their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Bank of America boosted their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Finally, Wells Fargo & Company upgraded 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 research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.13.

3M Stock Performance

The business has a fifty day simple moving average of $147.62 and a two-hundred day simple moving average of $137.26. 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 company has a market cap of $83.17 billion, a P/E ratio of 20.29, a P/E/G ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last posted its 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 return on equity of 100.77% and a net margin of 15.71%. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same quarter in the prior year, the company earned $2.42 earnings per share. 3M’s revenue was down 25.0% on a year-over-year basis. On average, sell-side analysts anticipate that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.91%. 3M’s dividend payout ratio is currently 38.68%.

Insiders Place Their Bets

In other 3M news, insider Christian T. Goralski, Jr. sold 6,318 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. The trade was a 90.02 % decrease in their position. 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. 0.34% of the stock is currently owned by corporate insiders.

Institutional Trading of 3M

Several institutional investors have recently made changes to their positions in the business. Financial Life Planners purchased a new stake in shares of 3M during 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 grew its holdings in 3M by 88.7% during the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate’s stock valued at $26,000 after buying an additional 94 shares in the last quarter. FSA Wealth Management LLC purchased a new position in 3M during the 3rd quarter valued at approximately $27,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in 3M during the 4th quarter valued at approximately $27,000. Hedge funds and other 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.