3M (NYSE:MMM) Sets New 12-Month Low at $106.53

Shares of 3M (NYSE:MMM – Get Rating) hit a new 52-week low on Wednesday . The stock traded as low as $106.53 and last traded at $106.82, with a volume of 397238 shares trading hands. The stock had previously closed at $107.09.

Analysts Set New Price Targets

Several brokerages have weighed in on MMM. Mizuho lowered their price objective on 3M from $130.00 to $120.00 and set a “neutral” rating for the company in a research report on Thursday, January 26th. Citigroup upped their price target on 3M from $117.00 to $126.00 and gave the stock a “neutral” rating in a research note on Friday, December 9th. Royal Bank of Canada reduced their price target on 3M from $113.00 to $106.00 in a research note on Wednesday, January 25th. Wells Fargo & Company cut their target price on 3M from $125.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 25th. Finally, Barclays cut their target price on 3M from $130.00 to $122.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 25th. Three research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $125.92.

3M Stock Performance

The business has a fifty day simple moving average of $116.57 and a two-hundred day simple moving average of $120.10. The company has a quick ratio of 0.98, a current ratio of 1.54 and a debt-to-equity ratio of 0.95. The company has a market cap of $58.09 billion, a P/E ratio of 10.40, a P/E/G ratio of 1.30 and a beta of 0.96.

3M (NYSE:MMM – Get Rating) last posted its earnings results on Tuesday, January 24th. The conglomerate reported $2.28 earnings per share for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.06). 3M had a net margin of 16.88% and a return on equity of 39.72%. The firm had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the company posted $2.31 EPS. The firm’s revenue was down 5.9% compared to the same quarter last year. On average, sell-side analysts anticipate that 3M will post 8.64 EPS for the current year.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 12th. Stockholders of record on Friday, February 17th will be paid a $1.50 dividend. The ex-dividend date is Thursday, February 16th. This represents a $6.00 annualized dividend and a dividend yield of 5.69%. This is an increase from 3M’s previous quarterly dividend of $1.49. 3M’s dividend payout ratio (DPR) is 59.11%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Options Solutions LLC raised its stake in shares of 3M by 3.1% in the second quarter. Options Solutions LLC now owns 2,454 shares of the conglomerate’s stock worth $318,000 after buying an additional 73 shares during the period. Taylor Hoffman Wealth Management raised its stake in shares of 3M by 1.3% in the third quarter. Taylor Hoffman Wealth Management now owns 5,977 shares of the conglomerate’s stock worth $660,000 after buying an additional 77 shares during the period. Madison Wealth Management raised its stake in 3M by 1.3% during the 3rd quarter. Madison Wealth Management now owns 6,086 shares of the conglomerate’s stock valued at $673,000 after purchasing an additional 78 shares during the period. Cadence Bank raised its stake in 3M by 0.3% during the 2nd quarter. Cadence Bank now owns 29,677 shares of the conglomerate’s stock valued at $3,840,000 after purchasing an additional 79 shares during the period. Finally, Albert D Mason Inc. raised its stake in 3M by 3.7% during the 4th quarter. Albert D Mason Inc. now owns 2,392 shares of the conglomerate’s stock valued at $287,000 after purchasing an additional 85 shares during the period. Institutional investors own 65.61% of the company’s stock.

3M Company Profile

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.