3M (NYSE:MMM) Sets New 52-Week High Following Earnings Beat

3M (NYSE:MMM) hit a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $119.53 and last traded at $118.84, with a volume of 4014106 shares trading hands. The stock had previously closed at $103.39.

The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.27. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the company posted $2.17 EPS.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.38%. 3M’s dividend payout ratio is -22.01%.

Wall Street Analyst Weigh In

Several research firms have recently commented on MMM. UBS Group boosted their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Bank of America raised 3M from a “neutral” rating to a “buy” rating and lifted their target price for the company from $105.00 to $120.00 in a research report on Friday, June 7th. StockNews.com assumed coverage on 3M in a research note on Thursday, June 6th. They set a “buy” rating on the stock. Barclays raised their price target on shares of 3M from $118.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $112.17.

Institutional Investors Weigh In On 3M

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of 3M by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 49,461,361 shares of the conglomerate’s stock worth $5,246,367,000 after acquiring an additional 377,703 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in 3M by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,080,578 shares of the conglomerate’s stock valued at $1,320,649,000 after buying an additional 43,732 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in 3M by 11.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,065,242 shares of the conglomerate’s stock valued at $517,617,000 after acquiring an additional 533,520 shares during the last quarter. Norges Bank bought a new stake in shares of 3M in the fourth quarter worth about $502,585,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of 3M by 313.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock worth $289,803,000 after acquiring an additional 2,010,319 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Up 13.8 %

The stock’s 50 day moving average is $101.61 and its 200-day moving average is $98.71. The company has a quick ratio of 1.27, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. The company has a market cap of $65.11 billion, a PE ratio of -9.34, a P/E/G ratio of 1.92 and a beta of 0.95.

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.