3M (NYSE:MMM) Hits New 12-Month High – Here’s What Happened

3M (NYSE:MMM) shares reached a new 52-week high during trading on Friday . The stock traded as high as $141.46 and last traded at $141.06, with a volume of 1885052 shares. The stock had previously closed at $139.18.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MMM shares. JPMorgan Chase & Co. reduced their price target on 3M from $165.00 to $162.00 and set an “overweight” rating on the stock in a research report on Wednesday. Mizuho raised their target price on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada reduced their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a report on Friday, January 3rd. Finally, Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, 3M currently has a consensus rating of “Moderate Buy” and an average target price of $144.13.

3M Price Performance

The company has a 50-day moving average of $131.24 and a 200-day moving average of $127.56. 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 stock has a market cap of $76.80 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 2.01 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The business had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 earnings per share. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. As a group, equities research analysts predict that 3M will post 7.27 earnings per share for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s dividend payout ratio (DPR) is presently 35.35%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Apeiron RIA LLC boosted its holdings in 3M by 9.9% in the 4th quarter. Apeiron RIA LLC now owns 1,717 shares of the conglomerate’s stock valued at $222,000 after purchasing an additional 154 shares in the last quarter. Secure Asset Management LLC acquired a new stake in shares of 3M in the 4th quarter valued at approximately $212,000. True North Advisors LLC boosted its stake in shares of 3M by 17.6% in the fourth quarter. True North Advisors LLC now owns 2,457 shares of the conglomerate’s stock valued at $317,000 after buying an additional 367 shares in the last quarter. Daymark Wealth Partners LLC grew its holdings in 3M by 9.0% during the fourth quarter. Daymark Wealth Partners LLC now owns 237,297 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 19,552 shares during the period. Finally, Advisory Alpha LLC purchased a new position in 3M in the fourth quarter worth $215,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.