3M (NYSE:MMM) Sees Significant Decline in Short Interest

3M (NYSE:MMM) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 7,120,000 shares, a drop of 43.7% from the March 15th total of 12,650,000 shares. Based on an average daily trading volume, of 5,350,000 shares, the days-to-cover ratio is currently 1.3 days. Currently, 1.4% of the company’s stock are sold short.

3M Trading Up 0.0 %

Shares of NYSE MMM opened at $92.63 on Thursday. The company has a market cap of $51.26 billion, a price-to-earnings ratio of -7.33, a price-to-earnings-growth ratio of 1.59 and a beta of 1.02. 3M has a 12-month low of $71.12 and a 12-month high of $95.67. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The stock’s 50 day simple moving average is $96.08 and its 200 day simple moving average is $97.34.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.11. The business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The business’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $2.28 EPS. Equities research analysts expect that 3M will post 8.97 EPS for the current year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a $1.51 dividend. This is a boost from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.52%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Insider Activity at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On 3M

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of 3M by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 49,033,679 shares of the conglomerate’s stock valued at $4,590,533,000 after purchasing an additional 317,483 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of 3M by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after purchasing an additional 43,732 shares during the period. Geode Capital Management LLC increased its position in shares of 3M by 5.7% during the 1st quarter. Geode Capital Management LLC now owns 11,474,791 shares of the conglomerate’s stock valued at $1,203,635,000 after purchasing an additional 619,370 shares during the period. Morgan Stanley grew its holdings in shares of 3M by 8.3% in the 4th quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after acquiring an additional 825,223 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of 3M by 0.6% in the 1st quarter. Northern Trust Corp now owns 7,413,149 shares of the conglomerate’s stock worth $1,103,670,000 after acquiring an additional 44,714 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MMM has been the subject of a number of recent analyst reports. StockNews.com began coverage on 3M in a research note on Thursday, April 4th. They set a “buy” rating for the company. Royal Bank of Canada reduced their target price on 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a report on Tuesday, April 2nd. Citigroup increased their target price on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday. Mizuho reaffirmed a “neutral” rating and set a $105.00 target price on shares of 3M in a report on Wednesday, March 27th. Finally, Barclays reduced their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, 3M currently has an average rating of “Hold” and a consensus price target of $103.50.

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.