3M (NYSE:MMM) Hits New 1-Year High at $97.30

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on MMM shares. JPMorgan Chase & Co. decreased their price objective on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Wells Fargo & Company reduced their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Mizuho restated a “neutral” rating and set a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. Royal Bank of Canada cut their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Finally, Citigroup raised their target price on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.00.

3M Price Performance

The company’s 50-day moving average is $95.73 and its 200-day moving average is $97.49. The firm has a market cap of $52.72 billion, a price-to-earnings ratio of -7.67, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.34%. The ex-dividend date was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is currently -47.82%.

Insider Activity

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Institutional Trading of 3M

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fragasso Group Inc. grew its position in 3M by 3.8% during the 3rd quarter. Fragasso Group Inc. now owns 2,556 shares of the conglomerate’s stock worth $239,000 after acquiring an additional 93 shares during the last quarter. Bangor Savings Bank boosted its stake in shares of 3M by 1.0% during the fourth quarter. Bangor Savings Bank now owns 10,489 shares of the conglomerate’s stock valued at $1,147,000 after purchasing an additional 104 shares in the last quarter. Allen Capital Group LLC grew its holdings in shares of 3M by 0.5% during the fourth quarter. Allen Capital Group LLC now owns 20,931 shares of the conglomerate’s stock worth $2,288,000 after purchasing an additional 105 shares during the last quarter. Summit Financial Group Inc. increased its stake in shares of 3M by 3.4% in the first quarter. Summit Financial Group Inc. now owns 3,316 shares of the conglomerate’s stock valued at $352,000 after buying an additional 110 shares during the period. Finally, N.E.W. Advisory Services LLC raised its holdings in 3M by 4.0% in the 3rd quarter. N.E.W. Advisory Services LLC now owns 2,900 shares of the conglomerate’s stock valued at $272,000 after buying an additional 111 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

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.