3M (NYSE:MMM) Reaches New 1-Year High Following Dividend Announcement

3M Company (NYSE:MMM) reached a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $186.25 and last traded at $191.2220, with a volume of 55,510 shares. The stock had previously closed at $177.05.

The newly announced dividend which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, November 13th. 3M’s dividend payout ratio (DPR) is 46.50%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wolfe Research restated an “outperform” rating on shares of 3M in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of 3M in a research note on Wednesday, October 21st. Jefferies Financial Group reiterated a “hold” rating and issued a $186.00 price objective on shares of 3M in a research note on Wednesday, October 21st. Mizuho boosted their price objective on shares of 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Finally, Wells Fargo & Company began coverage on 3M in a research report on Thursday, September 24th. They issued an “equal weight” rating and a $195.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $185.36.

3M Trading Up 7.4%

The business has a 50 day moving average of $168.40 and a two-hundred day moving average of $161.43. The company has a current ratio of 1.41, a quick ratio of 1.06 and a debt-to-equity ratio of 3.01. The firm has a market cap of $98.23 billion, a P/E ratio of 28.19, a PEG ratio of 2.32 and a beta of 1.01.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 EPS for the quarter, topping the consensus estimate of $2.38 by $0.12. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. 3M had a net margin of 14.01% and a return on equity of 123.11%. 3M’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the firm earned $2.19 EPS. Analysts predict that 3M Company will post 9.14 earnings per share for the current year.

Institutional Investors Weigh In On 3M

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp grew its holdings in shares of 3M by 0.4% during the 2nd quarter. State Street Corp now owns 27,828,966 shares of the conglomerate’s stock valued at $4,505,788,000 after purchasing an additional 105,222 shares during the last quarter. Amundi raised its holdings in shares of 3M by 67.0% in the second quarter. Amundi now owns 4,536,148 shares of the conglomerate’s stock worth $734,448,000 after buying an additional 1,819,178 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in 3M by 7.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,935,534 shares of the conglomerate’s stock worth $637,202,000 after purchasing an additional 270,458 shares during the last quarter. National Pension Service grew its stake in 3M by 3.6% during the 2nd quarter. National Pension Service now owns 1,401,543 shares of the conglomerate’s stock worth $226,924,000 after buying an additional 48,167 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH boosted its position in shares of 3M by 1.2% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 376,784 shares of the conglomerate’s stock worth $61,849,000 after buying an additional 4,628 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

About 3M

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.