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

3M (NYSE:MMM) saw unusually-high trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 2,587,721 shares traded hands 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 for the quarter, beating the consensus estimate of $1.66 by $0.02. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5,770,390 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. 3M’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period last year, the business earned $2.42 earnings per share.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 1.88%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio is currently 35.35%.

Analyst Upgrades and Downgrades

MMM has been the topic of several research analyst reports. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research note on Saturday, January 18th. Mizuho boosted their price objective on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price objective on shares of 3M in a research note on Wednesday. Finally, Barclays boosted their price objective on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $148.87.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MMM. Sei Investments Co. boosted its position in shares of 3M by 6.7% during the 2nd quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate’s stock worth $16,874,000 after acquiring an additional 10,309 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new position in shares of 3M during the 2nd quarter worth about $387,000. Gabelli Funds LLC boosted its position in shares of 3M by 14.6% in the 2nd quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate’s stock valued at $261,000 after purchasing an additional 325 shares during the period. Public Sector Pension Investment Board boosted its position in shares of 3M by 75.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate’s stock valued at $2,185,000 after purchasing an additional 9,160 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of 3M by 60.0% in the 2nd 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 during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

3M Trading Up 1.5 %

The stock has a market capitalization of $81.21 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 2.30 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43. The business has a 50-day moving average of $131.73 and a 200-day moving average of $128.53.

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.