3M (NYSE:MMM) Sees Strong Trading Volume After Strong Earnings

Shares of 3M (NYSE:MMMGet Free Report) saw strong trading volume on Tuesday following a better than expected earnings announcement. 2,587,721 shares were traded during mid-day trading, a decline of 33% from the previous session’s volume of 3,865,838 shares.The stock last traded at $148.11 and had previously closed at $141.03.

The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5,770,390 billion. During the same period in the prior year, the business posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis.

3M Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Mizuho lifted their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, UBS Group raised 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $148.87.

Read Our Latest Report on MMM

Institutional Trading of 3M

Institutional investors and hedge funds have recently made changes to their positions in the company. Sei Investments Co. lifted its stake in 3M by 6.7% in the 2nd quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock valued at $16,874,000 after purchasing an additional 10,309 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new stake in 3M in the second quarter worth $387,000. Gabelli Funds LLC grew its holdings in 3M by 14.6% in the second quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock worth $261,000 after purchasing an additional 325 shares during the period. Public Sector Pension Investment Board lifted its stake in shares of 3M by 75.0% in the second quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock valued at $2,185,000 after buying an additional 9,160 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of 3M by 60.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 105,867 shares of the conglomerate’s stock valued at $10,819,000 after purchasing an additional 39,717 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Price Performance

The firm has a market cap of $81.21 billion, a PE ratio of 18.83, a P/E/G ratio of 2.30 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The business’s fifty day moving average is $131.73 and its 200-day moving average is $128.53.

About 3M

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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.

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