3M (NYSE:MMM) Sets New 1-Year High After Analyst Upgrade

Shares of 3M (NYSE:MMM) hit a new 52-week high during mid-day trading on Thursday after Wells Fargo & Company upgraded the stock from an equal weight rating to an overweight rating. Wells Fargo & Company now has a $170.00 price target on the stock, up from their previous price target of $140.00. 3M traded as high as $152.08 and last traded at $149.14, with a volume of 7076527 shares traded. The stock had previously closed at $146.89.

A number of other equities analysts have also recently issued reports on the company. Bank of America increased their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Wednesday. Royal Bank of Canada dropped their target price on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research report on Friday, January 3rd. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on shares of 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Barclays increased their target price on shares of 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, 3M currently has an average rating of “Moderate Buy” and an average price target of $148.87.

Institutional Investors Weigh In On 3M

Large investors have recently added to or reduced their stakes in the business. Financial Life Planners acquired a new stake in 3M during the fourth quarter worth approximately $25,000. FSA Wealth Management LLC acquired a new stake in 3M during the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC boosted its stake in 3M by 8.6% in the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 17,211 shares during the period. McClarren Financial Advisors Inc. grew its holdings in 3M by 118.6% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after buying an additional 121 shares in the last quarter. Finally, ORG Partners LLC increased its position in 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Down 0.0 %

The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The stock has a fifty day moving average price of $132.43 and a two-hundred day moving average price of $128.82. The company has a market cap of $81.47 billion, a price-to-earnings ratio of 19.82, a P/E/G ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5,770,390 billion. During the same quarter in the previous year, the firm posted $2.42 EPS. The business’s revenue for the quarter was down 25.0% compared to the same quarter last year. As a group, sell-side analysts expect that 3M will post 7.66 EPS for the current year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.87%. 3M’s dividend payout ratio (DPR) is presently 37.09%.

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.