3M (NYSE:MMM) Hits New 12-Month High at $135.28

3M (NYSE:MMM - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The stock traded as high as $135.28 and last traded at $134.59, with a volume of 281032 shares trading hands. The stock had previously closed at $133.18.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MMM shares. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a "hold" rating to a "buy" rating and increased their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Bank of America increased their price target on 3M from $120.00 to $143.00 and gave the stock a "buy" rating in a report on Monday, July 29th. Argus upgraded 3M from a "hold" rating to a "buy" rating and set a $145.00 price objective for the company in a research report on Tuesday, July 30th. Royal Bank of Canada upped their price target on shares of 3M from $93.00 to $95.00 and gave the company an "underperform" rating in a report on Monday, July 29th. Finally, Citigroup upped their target price on shares of 3M from $100.00 to $133.00 and gave the stock a "neutral" rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $124.43.

3M Price Performance

The company's 50-day simple moving average is $121.42 and its 200-day simple moving average is $106.54. The stock has a market capitalization of $74.49 billion, a P/E ratio of -10.58, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts' consensus estimates of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same quarter in the prior year, the business earned $2.17 EPS. As a group, sell-side analysts expect that 3M will post 7.22 EPS for the current fiscal year.

3M Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Monday, August 26th. 3M's dividend payout ratio is -22.01%.

Insider Activity

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the firm's stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now owns 174,036 shares of the company's stock, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On 3M

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fortis Capital Advisors LLC lifted its holdings in 3M by 2.9% in the second quarter. Fortis Capital Advisors LLC now owns 3,001 shares of the conglomerate's stock valued at $307,000 after buying an additional 84 shares during the period. Brown Brothers Harriman & Co. lifted its position in shares of 3M by 0.4% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 22,613 shares of the conglomerate's stock worth $2,311,000 after buying an additional 97 shares in the last quarter. AMG National Trust Bank boosted its stake in shares of 3M by 3.1% in the 2nd quarter. AMG National Trust Bank now owns 3,326 shares of the conglomerate's stock worth $340,000 after buying an additional 100 shares during the last quarter. Platinum Investment Management Ltd. grew its holdings in shares of 3M by 11.4% in the first quarter. Platinum Investment Management Ltd. now owns 1,020 shares of the conglomerate's stock valued at $108,000 after acquiring an additional 104 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of 3M by 2.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,302 shares of the conglomerate's stock valued at $562,000 after acquiring an additional 105 shares during the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

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.