3M (NYSE:MMM) Reaches New 12-Month High at $135.99

Shares of 3M (NYSE:MMM - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $135.99 and last traded at $135.55, with a volume of 76663 shares. The stock had previously closed at $134.77.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Citigroup upped their target price on shares of 3M from $100.00 to $133.00 and gave the company a "neutral" rating in a research note on Monday, July 29th. Argus upgraded 3M from a "hold" rating to a "buy" rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Barclays upped their price target on 3M from $120.00 to $145.00 and gave the company an "overweight" rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Finally, Wolfe Research raised shares of 3M from a "peer perform" rating to an "outperform" rating and set a $125.00 target price on the stock in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $124.43.

3M Stock Performance

The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The firm has a market capitalization of $75.06 billion, a price-to-earnings ratio of -10.60, a P/E/G ratio of 2.41 and a beta of 0.95. The company has a 50-day moving average price of $124.63 and a 200-day moving average price of $108.02.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share 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 analysts' expectations of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the previous year, the business earned $2.17 earnings per share. As a group, equities research analysts forecast that 3M will post 7.22 earnings per share for the current year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.06%. 3M's dividend payout ratio (DPR) is -22.01%.

Insider Transactions at 3M

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

Hedge Funds Weigh In On 3M

Institutional investors have recently bought and sold shares of the stock. Balyasny Asset Management L.P. raised its holdings in shares of 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate's stock valued at $289,803,000 after acquiring an additional 2,010,319 shares during the period. Capital World Investors purchased a new stake in shares of 3M in the first quarter valued at $165,986,000. National Bank of Canada FI boosted its position in shares of 3M by 218.3% in the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate's stock worth $147,344,000 after buying an additional 1,021,440 shares during the period. Janus Henderson Group PLC grew its holdings in shares of 3M by 1,015.6% during the first quarter. Janus Henderson Group PLC now owns 888,564 shares of the conglomerate's stock valued at $94,247,000 after buying an additional 808,914 shares in the last quarter. Finally, Schroder Investment Management Group lifted its stake in 3M by 129.8% in the 4th quarter. Schroder Investment Management Group now owns 1,352,528 shares of the conglomerate's stock worth $147,858,000 after acquiring an additional 764,066 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

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.