3M (NYSE:MMM) Trading 1.1% Higher – Here’s Why

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

Wall Street Analysts Forecast Growth

MMM has been the topic of several analyst reports. Royal Bank of Canada reiterated an “underperform” rating and issued a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. 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. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Saturday, March 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, 3M presently has a consensus rating of “Moderate Buy” and an average price target of $149.13.

3M Stock Performance

The company’s 50 day moving average is $149.72 and its 200-day moving average is $138.39. The company has a market capitalization of $79.26 billion, a P/E 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 (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 100.77% and a net margin of 15.71%. The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same quarter in the previous year, the firm earned $2.42 EPS. 3M’s quarterly revenue was down 25.0% compared to the same quarter last year. Equities analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were given a $0.73 dividend. This is a positive change 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 1.99%. 3M’s payout ratio is 38.68%.

Insiders Place Their Bets

In other news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 49,598 shares of the firm’s stock in a transaction 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 directly owns 180,895 shares in the company, valued at approximately $27,550,308.50. This represents a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,639 shares of company stock valued at $17,163,446. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Financial Life Planners bought a new stake in shares of 3M during the fourth quarter valued at approximately $25,000. FSA Wealth Management LLC purchased a new stake in shares of 3M during the 3rd quarter worth approximately $27,000. REAP Financial Group LLC boosted its position in shares of 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 acquiring an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new position in shares of 3M in the fourth quarter valued at $27,000. Finally, Pinney & Scofield Inc. bought a new stake in 3M in the fourth quarter worth $28,000. 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.