3M (NYSE:MMM) Reaches New 52-Week High – Here’s Why

3M Company (NYSE:MMM) shares hit a new 52-week high on Monday . The company 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 Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $192.00 price objective on shares of 3M in a research note on Wednesday, July 22nd. Sanford C. Bernstein boosted their target price on 3M from $140.00 to $145.00 and gave the company an “underperform” rating in a report on Wednesday, July 22nd. UBS Group upped their target price on 3M from $190.00 to $218.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Barclays dropped their price target on 3M from $190.00 to $185.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of 3M in a research report on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $177.21.

3M Stock Performance

The company has a quick ratio of 0.91, a current ratio of 1.24 and a debt-to-equity ratio of 3.63. The stock has a fifty day moving average of $159.66 and a 200-day moving average of $156.59. The stock has a market cap of $94.00 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 2.46 and a beta of 1.02.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 21st. The conglomerate reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.15. The firm had revenue of $6.50 billion for the quarter, compared to analysts’ expectations of $6.40 billion. 3M had a return on equity of 115.87% and a net margin of 11.90%.The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.16 EPS. 3M has set its FY 2026 guidance at 8.800-8.950 EPS. On average, equities analysts forecast that 3M Company will post 8.91 EPS for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 22nd were issued a $0.78 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.7%. 3M’s payout ratio is presently 55.42%.

Institutional Investors Weigh In On 3M

Hedge funds have recently modified their holdings of the stock. Commonwealth Retirement Investments LLC purchased a new position in 3M in the 4th quarter valued at $28,000. EQ Wealth Advisors LLC purchased a new position in 3M during the 4th quarter worth $40,000. Cornerstone Planning Group LLC lifted its stake in shares of 3M by 32.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 292 shares of the conglomerate’s stock worth $42,000 after acquiring an additional 71 shares during the period. Sfam LLC acquired a new stake in shares of 3M in the 4th quarter worth $45,000. Finally, West Paces Advisors Inc. purchased a new stake in shares of 3M in the second quarter valued at about $49,000. 65.25% of the stock is owned by institutional investors and hedge funds.

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).