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

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

Wall Street Analyst Weigh In

MMM has been the topic of a number of recent research reports. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Bank of America raised their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and upped their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Mizuho raised their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.13.

3M Stock Up 1.1 %

The company has a market cap of $76.60 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.01 and a beta of 0.95. The stock has a 50-day moving average of $130.99 and a two-hundred day moving average of $127.20. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.68 earnings per share. On average, research analysts anticipate that 3M will post 7.27 EPS for the current fiscal year.

3M Announces Dividend

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 $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 is 35.35%.

Institutional Investors Weigh In On 3M

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. D.A. Davidson & CO. increased its position in shares of 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after acquiring an additional 20,421 shares during the period. Franklin Resources Inc. grew its stake in shares of 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after purchasing an additional 178,450 shares during the last quarter. Meyer Handelman Co. increased its holdings in 3M by 1.4% during the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock valued at $25,511,000 after purchasing an additional 2,678 shares during the period. Ballentine Partners LLC raised its position in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after purchasing an additional 5,210 shares during the last quarter. Finally, Stonegate Investment Group LLC lifted its holdings in 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock worth $34,564,000 after buying an additional 13,473 shares during the period. 65.25% of the stock is currently owned by institutional investors.

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.