3M (NYSE:MMM) Hits New 52-Week High at $97.30

3M (NYSE:MMM) reached a new 52-week high on Tuesday . The stock traded as high as $97.30 and last traded at $97.13, with a volume of 4966422 shares changing hands. The stock had previously closed at $92.16.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MMM shares. StockNews.com raised 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Bank of America lowered their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, April 2nd. Mizuho reissued a “neutral” rating and issued a $105.00 price objective on shares of 3M in a research note on Wednesday, March 27th. JPMorgan Chase & Co. lowered their target price on shares of 3M from $118.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 17th. Finally, Citigroup increased their price target on 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, 3M has a consensus rating of “Hold” and an average price target of $104.00.

3M Stock Up 3.4 %

The business has a 50-day moving average of $95.73 and a 200 day moving average of $97.49. The company has a market capitalization of $52.72 billion, a PE ratio of -7.67, a P/E/G ratio of 1.74 and a beta of 1.02. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.34%. This is a boost from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is -47.82%.

Insider Buying and Selling

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was 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 of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 3M

A number of large investors have recently made changes to their positions in the company. Tributary Capital Management LLC bought a new stake in shares of 3M in the first quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. lifted its position in shares of 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of 3M during the first quarter valued at approximately $32,000. Briaud Financial Planning Inc bought a new position in 3M in the third quarter worth approximately $35,000. Finally, Livelsberger Financial Advisory purchased a new stake in 3M during the fourth quarter worth $35,000. 65.25% of the stock is owned by hedge funds and other institutional investors.

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.