3M (NYSE:MMM) Hits New 1-Year High – Here’s Why

3M Company (NYSE:MMM) shares hit a new 52-week high during trading on Monday . The stock traded as high as $178.49 and last traded at $178.15, with a volume of 987366 shares trading hands. The stock had previously closed at $172.62.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. UBS Group raised their target price on 3M from $190.00 to $218.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. Sanford C. Bernstein upped their price objective on 3M from $140.00 to $145.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $192.00 price objective on shares of 3M in a research note on Wednesday. Royal Bank Of Canada lifted their target price on 3M from $123.00 to $132.00 and gave the company an “underperform” rating in a research report on Wednesday, July 22nd. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of 3M in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $177.21.

3M Trading Up 2.6%

The business’s 50 day simple moving average is $158.49 and its two-hundred day simple moving average is $156.37. The stock has a market cap of $91.37 billion, a P/E ratio of 31.50, a PEG ratio of 2.38 and a beta of 1.02. The company has a quick ratio of 0.91, a current ratio of 1.24 and a debt-to-equity ratio of 3.63.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 21st. The conglomerate reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.25 by $0.15. 3M had a return on equity of 115.87% and a net margin of 11.90%.The company had revenue of $6.50 billion during the quarter, compared to analysts’ expectations of $6.40 billion. During the same period in the prior year, the company earned $2.16 EPS. 3M’s revenue was up 2.5% compared to the same quarter last year. 3M has set its FY 2026 guidance at 8.800-8.950 EPS. As a group, analysts expect that 3M Company will post 8.91 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were given a $0.78 dividend. The ex-dividend date was Friday, May 22nd. This represents a $3.12 annualized dividend and a yield of 1.8%. 3M’s dividend payout ratio (DPR) is currently 55.42%.

Institutional Trading of 3M

Several hedge funds and other institutional investors have recently made changes to their positions in MMM. Brighton Jones LLC increased its stake in shares of 3M by 26.6% in the fourth quarter. Brighton Jones LLC now owns 8,898 shares of the conglomerate’s stock valued at $1,149,000 after buying an additional 1,872 shares during the period. Bison Wealth LLC boosted its position in 3M by 10.2% during the 4th quarter. Bison Wealth LLC now owns 2,751 shares of the conglomerate’s stock worth $355,000 after buying an additional 255 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its position in 3M by 11.4% during the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,606 shares of the conglomerate’s stock worth $3,289,000 after buying an additional 2,203 shares during the period. WFA of San Diego LLC bought a new stake in 3M during the 2nd quarter worth approximately $61,000. Finally, Morse Asset Management Inc grew its holdings in 3M by 1.8% during the 2nd quarter. Morse Asset Management Inc now owns 10,301 shares of the conglomerate’s stock worth $1,568,000 after acquiring an additional 185 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors.

About 3M

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M’s businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).