3M (NYSE:MMM) Sets New 52-Week High – What’s Next?

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

Analysts Set New Price Targets

Several research analysts have recently commented on MMM shares. Royal Bank of Canada reiterated an “underperform” rating and set a $96.00 price target on shares of 3M in a report on Wednesday, January 22nd. 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 note on Wednesday, January 22nd. Barclays increased their price target on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Mizuho lifted their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given 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 $148.87.

3M Price Performance

The stock’s 50 day simple moving average is $133.26 and its 200-day simple moving average is $129.89. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The company has a market capitalization of $82.42 billion, a PE ratio of 20.05, a price-to-earnings-growth ratio of 2.46 and a beta of 0.95.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.77 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The firm’s quarterly revenue was down 25.0% on a year-over-year basis. During the same period in the prior year, the business earned $2.42 EPS. As a group, equities analysts forecast that 3M will post 7.66 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, November 15th. This represents a $2.80 annualized dividend and a yield of 1.85%. 3M’s payout ratio is 37.09%.

Insider Buying and Selling at 3M

In related news, EVP Kevin H. Rhodes sold 6,743 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares of the company’s stock, valued at $734,564.70. This represents a 57.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Theresa E. Reinseth sold 2,309 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.95, for a total value of $346,234.55. Following the completion of the sale, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. This represents a 34.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 62,291 shares of company stock valued at $9,339,786 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Financial Life Planners acquired a new position in 3M in the fourth quarter valued at approximately $25,000. FSA Wealth Management LLC purchased a new stake in shares of 3M during the 3rd quarter worth approximately $27,000. Daymark Wealth Partners LLC boosted its holdings in shares of 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 buying an additional 17,211 shares in the last quarter. McClarren Financial Advisors Inc. grew its position in shares of 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 during the last quarter. Finally, ORG Partners LLC raised its stake 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 acquiring an additional 98 shares in the last quarter. Hedge funds and other institutional investors 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.