3M (NYSE:MMM) Sets New 52-Week High Following Analyst Upgrade

3M (NYSE:MMM - Get Free Report)'s share price hit a new 52-week high on Thursday after Wells Fargo & Company upgraded the stock from an equal weight rating to an overweight rating. Wells Fargo & Company now has a $170.00 price target on the stock, up from their previous price target of $140.00. 3M traded as high as $152.08 and last traded at $149.14, with a volume of 7076527 shares traded. The stock had previously closed at $146.89.

A number of other equities research analysts also recently weighed in on the company. UBS Group upgraded 3M from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $130.00 to $184.00 in a report on Wednesday, November 13th. Bank of America boosted their target price on shares of 3M from $160.00 to $175.00 and gave the company a "buy" rating in a research report on Wednesday. Weiss Ratings restated a "hold (c)" rating on shares of 3M in a report on Saturday, January 18th. JPMorgan Chase & Co. increased their price objective on shares of 3M from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Citigroup boosted their target price on 3M from $142.00 to $152.00 and gave the company a "neutral" rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $148.87.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its position in shares of 3M by 6.7% during the second quarter. Sei Investments Co. now owns 165,119 shares of the conglomerate's stock worth $16,874,000 after acquiring an additional 10,309 shares in the last quarter. Frank Rimerman Advisors LLC bought a new position in 3M in the 2nd quarter worth about $387,000. Gabelli Funds LLC boosted its stake in 3M by 14.6% in the 2nd quarter. Gabelli Funds LLC now owns 2,550 shares of the conglomerate's stock worth $261,000 after purchasing an additional 325 shares during the period. Public Sector Pension Investment Board grew its holdings in 3M by 75.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 21,380 shares of the conglomerate's stock valued at $2,185,000 after buying an additional 9,160 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of 3M by 60.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 105,867 shares of the conglomerate's stock valued at $10,819,000 after buying an additional 39,717 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

The business's fifty day moving average price is $132.09 and its 200-day moving average price is $128.67. The stock has a market capitalization of $81.49 billion, a PE ratio of 19.82, a P/E/G ratio of 2.42 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a return on equity of 97.19% and a net margin of 15.71%. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5,770,390 billion. During the same quarter last year, the company earned $2.42 earnings per share. The firm's quarterly revenue was down 25.0% on a year-over-year basis. As a group, equities research analysts expect that 3M will post 7.66 EPS for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a $0.70 dividend. The ex-dividend date was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.87%. 3M's payout ratio is 37.09%.

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.