3M (NYSE:MMM) Short Interest Update

3M (NYSE:MMM) saw a large growth in short interest in March. As of March 15th, there was short interest totalling 10,650,000 shares, a growth of 24.7% from the February 28th total of 8,540,000 shares. Based on an average daily trading volume, of 4,030,000 shares, the days-to-cover ratio is presently 2.6 days. Currently, 2.0% of the shares of the company are sold short.

3M Stock Performance

Shares of NYSE MMM traded up $0.18 during midday trading on Wednesday, reaching $147.85. The company had a trading volume of 4,406,625 shares, compared to its average volume of 4,079,537. The business’s 50-day simple moving average is $149.71 and its 200 day simple moving average is $138.56. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The stock has a market cap of $79.74 billion, a P/E ratio of 19.58, a P/E/G ratio of 3.30 and a beta of 0.97. 3M has a 1 year low of $89.54 and a 1 year high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the business posted $2.42 EPS. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. On average, analysts forecast that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were issued a $0.73 dividend. This is a boost from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.97%. 3M’s dividend payout ratio is presently 38.68%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MMM shares. Bank of America lifted their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research note on Saturday, March 22nd. Citigroup raised their target price on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an “underperform” rating and issued a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.13.

Insider Activity at 3M

In other news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares of the company’s stock, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,639 shares of company stock worth $17,163,446. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of 3M

Institutional investors and hedge funds have recently modified their holdings of the stock. Investors Asset Management of Georgia Inc. GA ADV raised its position in shares of 3M by 1.3% in the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock valued at $694,000 after buying an additional 67 shares during the last quarter. Parkside Financial Bank & Trust boosted its position in shares of 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after acquiring an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC grew its holdings in shares of 3M by 2.5% in the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock valued at $381,000 after purchasing an additional 71 shares during the period. Gilbert & Cook Inc. grew its holdings in shares of 3M by 1.5% in the fourth quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock valued at $659,000 after purchasing an additional 73 shares during the period. Finally, Childress Capital Advisors LLC increased its position in 3M by 5.1% during the fourth quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock worth $203,000 after purchasing an additional 76 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Company Profile

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.