3M (NYSE:MMM) Sets New 52-Week Low Following Weak Earnings

3M (NYSE:MMM – Get Rating) hit a new 52-week low on Tuesday following a dissappointing earnings announcement. The company traded as low as $102.58 and last traded at $119.89, with a volume of 1093975 shares trading hands. The stock had previously closed at $122.62.

The conglomerate reported $2.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.38 by ($0.10). The company had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.09 billion. 3M had a return on equity of 40.03% and a net margin of 18.91%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.31 EPS.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Friday, November 18th were given a $1.49 dividend. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $5.96 annualized dividend and a yield of 5.18%. 3M’s dividend payout ratio (DPR) is currently 51.92%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Morgan Stanley raised their target price on 3M from $108.00 to $110.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 26th. Mizuho reduced their target price on 3M from $140.00 to $130.00 and set a “neutral” rating for the company in a research report on Wednesday, October 26th. Deutsche Bank Aktiengesellschaft raised their target price on 3M from $126.00 to $127.00 in a research report on Wednesday, October 26th. Royal Bank of Canada raised their target price on 3M from $107.00 to $113.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 26th. Finally, Citigroup lifted their price objective on 3M from $117.00 to $126.00 and gave the company a “neutral” rating in a report on Friday, December 9th. Three investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $133.79.

Insider Buying and Selling

In related news, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of 3M stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $126.28, for a total value of $135,245.88. Following the completion of the sale, the senior vice president now directly owns 3,313 shares in the company, valued at $418,365.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Kevin H. Rhodes sold 5,703 shares of the business’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $126.40, for a total transaction of $720,859.20. Following the completion of the transaction, the executive vice president now directly owns 2,033 shares in the company, valued at approximately $256,971.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the business’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $126.28, for a total value of $135,245.88. Following the transaction, the senior vice president now owns 3,313 shares of the company’s stock, valued at $418,365.64. The disclosure for this sale can be found here. Corporate insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On 3M

Several institutional investors have recently modified their holdings of the business. Exeter Financial LLC lifted its holdings in shares of 3M by 15.9% during the 4th quarter. Exeter Financial LLC now owns 19,047 shares of the conglomerate’s stock valued at $2,284,000 after purchasing an additional 2,620 shares in the last quarter. Ziegler Capital Management LLC lifted its holdings in shares of 3M by 5.9% during the 4th quarter. Ziegler Capital Management LLC now owns 17,179 shares of the conglomerate’s stock valued at $2,060,000 after purchasing an additional 963 shares in the last quarter. Aaron Wealth Advisors LLC lifted its holdings in shares of 3M by 1.9% during the 4th quarter. Aaron Wealth Advisors LLC now owns 12,175 shares of the conglomerate’s stock valued at $1,460,000 after purchasing an additional 222 shares in the last quarter. Koshinski Asset Management Inc. lifted its holdings in shares of 3M by 0.5% during the 4th quarter. Koshinski Asset Management Inc. now owns 27,691 shares of the conglomerate’s stock valued at $3,321,000 after purchasing an additional 129 shares in the last quarter. Finally, First Citizens Bank & Trust Co. lifted its holdings in shares of 3M by 8.6% during the 4th quarter. First Citizens Bank & Trust Co. now owns 47,494 shares of the conglomerate’s stock valued at $5,696,000 after purchasing an additional 3,776 shares in the last quarter. Institutional investors own 65.61% of the company’s stock.

3M Price Performance

The company has a current ratio of 1.56, a quick ratio of 0.97 and a debt-to-equity ratio of 0.98. The firm has a market cap of $63.57 billion, a P/E ratio of 10.02, a PEG ratio of 1.25 and a beta of 1.00. The company has a fifty day moving average price of $124.56 and a two-hundred day moving average price of $126.19.

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.