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

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

The conglomerate reported $2.39 earnings per share (EPS) 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 analysts’ expectations 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 paid a dividend of $1.51 per share. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a yield of 6.14%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is -47.48%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Barclays cut their target price on shares of 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. StockNews.com raised shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 25th. Wells Fargo & Company cut their target price on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Citigroup boosted their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, UBS Group upped their price target on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, 3M currently has an average rating of “Hold” and an average target price of $103.70.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 3M

A number of large investors have recently bought and sold shares of the business. Palisade Asset Management LLC boosted its holdings in 3M by 0.8% in the first quarter. Palisade Asset Management LLC now owns 108,972 shares of the conglomerate’s stock worth $11,559,000 after purchasing an additional 905 shares in the last quarter. Greenwood Capital Associates LLC boosted its holdings in 3M by 1.4% during the first quarter. Greenwood Capital Associates LLC now owns 11,494 shares of the conglomerate’s stock valued at $1,219,000 after acquiring an additional 158 shares during the period. PDS Planning Inc boosted its holdings in 3M by 12.3% during the first quarter. PDS Planning Inc now owns 3,287 shares of the conglomerate’s stock valued at $349,000 after acquiring an additional 359 shares during the period. StoneX Group Inc. bought a new stake in 3M during the first quarter valued at about $1,162,000. Finally, Prosperity Consulting Group LLC boosted its holdings in 3M by 78.8% during the first quarter. Prosperity Consulting Group LLC now owns 5,117 shares of the conglomerate’s stock valued at $543,000 after acquiring an additional 2,255 shares during the period. 65.25% of the stock is currently owned by institutional investors.

3M Price Performance

The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 0.76. The stock’s fifty day simple moving average is $95.96 and its 200-day simple moving average is $97.55. The company has a market capitalization of $54.46 billion, a P/E ratio of -7.74, a PEG ratio of 2.13 and a beta of 1.00.

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.