3M (NYSE:MMM) Hits New 1-Year High Following Better-Than-Expected Earnings

3M Company (NYSE:MMM) reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $166.82 and last traded at $166.56, with a volume of 7290550 shares traded. The stock had previously closed at $154.78.

The conglomerate reported $2.45 earnings per share for the quarter. 3M had a return on equity of 100.89% and a net margin of 13.70%.The firm had revenue of $8.38 billion during the quarter.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Monday, August 25th were given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Monday, August 25th. 3M’s payout ratio is presently 40.61%.

Analyst Ratings Changes

A number of brokerages recently commented on MMM. Wells Fargo & Company boosted their target price on 3M from $176.00 to $183.00 and gave the company an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on 3M from $175.00 to $178.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Barclays boosted their target price on 3M from $172.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday. Royal Bank Of Canada boosted their target price on 3M from $120.00 to $130.00 and gave the company an “underperform” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on 3M from $177.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, October 2nd. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price of $172.67.

Insider Buying and Selling

In other news, CAO Theresa E. Reinseth sold 3,477 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the transaction, the chief accounting officer owned 2,561 shares in the company, valued at $385,763.43. The trade was a 57.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares in the company, valued at $435,522. The trade was a 68.01% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On 3M

Hedge funds and other institutional investors have recently modified their holdings of the business. Nippon Life Global Investors Americas Inc. boosted its stake in shares of 3M by 1.8% in the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 429,850 shares of the conglomerate’s stock worth $63,128,000 after buying an additional 7,620 shares during the last quarter. Financial Gravity Asset Management Inc. purchased a new position in shares of 3M in the 1st quarter worth approximately $2,506,000. Independent Solutions Wealth Management LLC lifted its stake in 3M by 372.2% in the first quarter. Independent Solutions Wealth Management LLC now owns 7,833 shares of the conglomerate’s stock valued at $1,150,000 after purchasing an additional 6,174 shares during the last quarter. MFG Wealth Management Inc. purchased a new position in 3M in the first quarter valued at approximately $1,059,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in 3M by 0.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,689,348 shares of the conglomerate’s stock valued at $248,098,000 after purchasing an additional 9,064 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Trading Up 0.2%

The company has a quick ratio of 1.20, a current ratio of 1.72 and a debt-to-equity ratio of 2.87. The firm has a 50 day moving average of $155.31 and a 200 day moving average of $149.31. The firm has a market cap of $88.94 billion, a PE ratio of 26.68, a P/E/G ratio of 2.74 and a beta of 1.05.

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.