3M (NYSE:MMM) Shares Up 2.7% Following Earnings Beat

3M (NYSE:MMM)’s stock price shot up 2.7% on Wednesday following a better than expected earnings announcement. The company traded as high as $99.70 and last traded at $99.13. 4,265,833 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 5,827,912 shares. The stock had previously closed at $96.51.

The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate of $2.10 by $0.29. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the prior year, the company posted $1.97 earnings per share.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.14%. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is -47.82%.

Analysts Set New Price Targets

MMM has been the topic of several analyst reports. Wells Fargo & Company dropped their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. UBS Group increased their price objective on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday. Bank of America dropped their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. raised shares of 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $111.00 in a research report on Wednesday. Finally, StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $103.70.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 3M

A number of hedge funds have recently made changes to their positions in the stock. Fragasso Group Inc. boosted its stake in shares of 3M by 3.8% in the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock valued at $239,000 after purchasing an additional 93 shares in the last quarter. Bangor Savings Bank boosted its stake in shares of 3M by 1.0% in the 4th quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after purchasing an additional 104 shares in the last quarter. Allen Capital Group LLC raised its holdings in 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after buying an additional 105 shares during the last quarter. Summit Financial Group Inc. raised its holdings in 3M by 3.4% in the 1st quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock valued at $352,000 after buying an additional 110 shares during the last quarter. Finally, N.E.W. Advisory Services LLC raised its holdings in 3M by 4.0% in the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after buying an additional 111 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Up 2.0 %

The business’s fifty day moving average is $95.96 and its 200-day moving average is $97.55. The firm has a market cap of $54.46 billion, a P/E ratio of -7.79, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.

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.