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

3M (NYSE:MMM) hit a new 52-week high during trading on Wednesday . The company traded as high as $152.96 and last traded at $151.34, with a volume of 4285823 shares trading hands. The stock had previously closed at $151.52.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MMM shares. JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Mizuho upped their target price on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Melius Research upgraded 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. Finally, Citigroup increased their price objective on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $148.87.

3M Trading Up 1.8 %

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 business’s fifty day moving average is $134.20 and its 200-day moving average is $130.37. The stock has a market capitalization of $84.03 billion, a PE ratio of 20.44, a P/E/G ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (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 company 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 company earned $2.42 EPS. The business’s quarterly revenue was down 25.0% compared to the same quarter last year. As a group, analysts anticipate that 3M will post 7.66 EPS for the current fiscal 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 issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s payout ratio is currently 37.09%.

Insider Buying and Selling

In other news, Chairman Michael F. Roman sold 49,598 shares of 3M stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the sale, the chairman now owns 180,895 shares in the company, valued at $27,550,308.50. This trade represents a 21.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kevin H. Rhodes sold 6,743 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total transaction of $1,010,438.55. Following the completion of the transaction, the executive vice president now owns 4,902 shares in the company, valued at $734,564.70. This represents a 57.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,889 shares of company stock valued at $16,893,561. 0.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 3M

A number of institutional investors have recently modified their holdings of MMM. Financial Life Planners acquired a new position in 3M in the fourth quarter worth $25,000. FSA Wealth Management LLC bought a new position in 3M in the third quarter worth about $27,000. McClarren Financial Advisors Inc. grew its holdings in shares of 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 121 shares during the last quarter. True Wealth Design LLC raised its position in shares of 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock worth $42,000 after purchasing an additional 296 shares during the period. Finally, ORG Partners LLC lifted its holdings in shares of 3M by 44.1% in the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after purchasing an additional 98 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

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.