3M (NYSE:MMM) Sets New 1-Year High on Earnings Beat

3M (NYSE:MMM)’s stock price reached a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $97.30 and last traded at $97.13, with a volume of 4966422 shares traded. The stock had previously closed at $92.16.

The conglomerate reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.29. The company had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter in the prior year, the company earned $1.97 earnings per share.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.14%. 3M’s dividend payout ratio is -47.48%.

Analysts Set New Price Targets

Several analysts have weighed in on MMM shares. Bank of America lowered their target price on 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Royal Bank of Canada upped their target price on 3M from $78.00 to $87.00 and gave the company an “underperform” rating in a report on Wednesday. Mizuho restated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research report on Wednesday, March 27th. Wells Fargo & Company reduced their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $110.00 to $111.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, 3M presently has an average rating of “Hold” and an average price target of $103.70.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 3M

Large investors have recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in 3M by 15.4% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 110,988 shares of the conglomerate’s stock worth $10,391,000 after acquiring an additional 14,775 shares during the last quarter. Shoker Investment Counsel Inc. increased its stake in 3M by 49.7% during the third quarter. Shoker Investment Counsel Inc. now owns 16,747 shares of the conglomerate’s stock worth $1,568,000 after acquiring an additional 5,561 shares during the last quarter. MWA Asset Management acquired a new stake in 3M during the fourth quarter worth about $1,723,000. Diversified Trust Co increased its stake in 3M by 1.4% during the fourth quarter. Diversified Trust Co now owns 18,487 shares of the conglomerate’s stock worth $2,021,000 after acquiring an additional 263 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of 3M in the third quarter valued at about $11,908,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Trading Up 2.0 %

The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The firm has a market cap of $54.46 billion, a price-to-earnings ratio of -7.74, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. The business has a 50 day moving average price of $95.96 and a 200-day moving average price of $97.55.

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.