3M Co. (MMM) Reaches New 1-Year High at $177.18
Shares of 3M Co. (NYSE:MMM) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $177.18 and last traded at $176.81, with a volume of 1,169,714 shares. The stock had previously closed at $174.87.
MMM has been the subject of a number of recent analyst reports. Sanford C. Bernstein raised their price target on shares of 3M from $160.00 to $170.00 and gave the stock a “market perform” rating in a report on Wednesday, March 30th. Jefferies Group lifted their target price on shares of 3M from $187.00 to $190.00 and gave the company a “buy” rating in a report on Monday, April 18th. Morgan Stanley lifted their target price on shares of 3M from $146.00 to $157.00 and gave the company an “underweight” rating in a report on Wednesday, March 30th. Citigroup Inc. reiterated a “buy” rating and issued a $191.00 target price (up previously from $168.00) on shares of 3M in a report on Tuesday, April 19th. Finally, Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $161.11.
The company has a market capitalization of $107.37 billion and a PE ratio of 22.758. The firm’s 50 day moving average price is $170.01 and its 200 day moving average price is $161.10.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 26th. The company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.13. During the same period in the previous year, the company earned $1.85 EPS. The business earned $7.41 billion during the quarter, compared to analyst estimates of $7.33 billion. 3M’s revenue was down 2.2% on a year-over-year basis. Equities analysts predict that 3M Co. will post $8.25 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 12th. Stockholders of record on Friday, May 20th were given a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Wednesday, May 18th.
In other news, CEO Inge G. Thulin sold 13,947 shares of the stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $169.93, for a total value of $2,370,013.71. Following the completion of the sale, the chief executive officer now owns 196,183 shares of the company’s stock, valued at $33,337,377.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jesse G. Singh sold 19,352 shares of the stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $167.91, for a total transaction of $3,249,394.32. Following the completion of the sale, the senior vice president now directly owns 4,435 shares of the company’s stock, valued at approximately $744,680.85. The disclosure for this sale can be found here.
A number of large investors have recently added to or reduced their stakes in the stock. Cobblestone Capital Advisors LLC NY raised its stake in 3M by 4.8% in the fourth quarter. Cobblestone Capital Advisors LLC NY now owns 6,643 shares of the company’s stock worth $1,001,000 after buying an additional 306 shares during the last quarter. Cim Investment Mangement Inc. purchased a new stake in 3M during the fourth quarter worth $1,006,000. Motco raised its stake in 3M by 0.3% in the fourth quarter. Motco now owns 7,417 shares of the company’s stock worth $1,117,000 after buying an additional 25 shares during the last quarter. Stonebridge Capital Advisors LLC raised its stake in 3M by 10.7% in the fourth quarter. Stonebridge Capital Advisors LLC now owns 7,563 shares of the company’s stock worth $1,139,000 after buying an additional 731 shares during the last quarter. Finally, IFC Holdings Incorporated FL raised its stake in 3M by 2.9% in the fourth quarter. IFC Holdings Incorporated FL now owns 7,926 shares of the company’s stock worth $1,196,000 after buying an additional 227 shares during the last quarter.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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