3M (NYSE:MMM) Reaches New 1-Year High – Should You Buy?

3M (NYSE:MMM)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $141.46 and last traded at $141.06, with a volume of 1885052 shares changing hands. The stock had previously closed at $139.18.

Analysts Set New Price Targets

MMM has been the subject of several research reports. Barclays decreased their price objective on shares of 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Bank of America lifted their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Wells Fargo & Company raised their target price on 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $144.13.

3M Price Performance

The firm has a fifty day moving average price of $130.99 and a two-hundred day moving average price of $127.20. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The stock has a market capitalization of $76.60 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.01 and a beta of 0.95.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. 3M’s revenue was down 24.3% compared to the same quarter last year. During the same period last year, the business earned $2.68 EPS. On average, analysts expect that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 1.99%. 3M’s payout ratio is currently 35.35%.

Institutional Trading of 3M

Several institutional investors have recently added to or reduced their stakes in the business. FSA Wealth Management LLC purchased a new stake in shares of 3M during the third quarter valued at $27,000. McClarren Financial Advisors Inc. lifted its stake in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 121 shares during the period. True Wealth Design LLC lifted its stake in 3M by 2,466.7% during the 3rd quarter. True Wealth Design LLC now owns 308 shares of the conglomerate’s stock valued at $42,000 after acquiring an additional 296 shares during the period. ORG Partners LLC grew its stake in shares of 3M by 44.1% in the fourth quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after acquiring an additional 98 shares during the period. Finally, Northwest Investment Counselors LLC bought a new stake in shares of 3M in the third quarter worth approximately $57,000. 65.25% of the stock is currently 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.