3M (NYSE:MMM) Hits New 1-Year High Following Earnings Beat

3M (NYSE:MMM)’s stock price hit a new 52-week high on Friday following a better than expected earnings announcement. The company traded as high as $119.53 and last traded at $118.84, with a volume of 4014106 shares. The stock had previously closed at $103.39.

The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.27. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the prior year, the company posted $2.17 earnings per share.

3M Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.38%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of research reports. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $110.00 to $111.00 in a research report on Wednesday, May 1st. Citigroup upped their price objective on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Bank of America upgraded shares of 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $105.00 to $120.00 in a research report on Friday, June 7th. Wolfe Research upgraded shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research report on Thursday, June 13th. Finally, Barclays lifted their price target on shares of 3M from $118.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, 3M presently has a consensus rating of “Hold” and an average target price of $112.17.

Institutional Trading of 3M

A number of large investors have recently modified their holdings of MMM. AMG National Trust Bank boosted its stake in 3M by 3.1% in the second quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate’s stock worth $340,000 after buying an additional 100 shares in the last quarter. Platinum Investment Management Ltd. lifted its holdings in shares of 3M by 11.4% in the 1st quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate’s stock worth $108,000 after acquiring an additional 104 shares during the last quarter. Allen Capital Group LLC boosted its stake in shares of 3M by 0.5% in the 4th quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock valued at $2,288,000 after purchasing an additional 105 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of 3M by 2.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate’s stock valued at $562,000 after purchasing an additional 105 shares during the last quarter. Finally, Fragasso Financial Advisors Inc raised its position in 3M by 4.2% in the 2nd quarter. Fragasso Financial Advisors Inc now owns 2,638 shares of the conglomerate’s stock worth $270,000 after purchasing an additional 106 shares during the period. Institutional investors own 65.25% of the company’s stock.

3M Stock Performance

The business’s 50-day moving average is $101.61 and its 200 day moving average is $98.71. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The company has a market cap of $65.11 billion, a PE ratio of -9.34, a PEG ratio of 1.92 and a beta of 0.95.

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.