3M (NYSE:MMM) Sets New 1-Year High After Analyst Upgrade

3M (NYSE:MMM) shares reached a new 52-week high on Thursday after Wells Fargo & Company upgraded the stock from an equal weight rating to an overweight rating. Wells Fargo & Company now has a $170.00 price target on the stock, up from their previous price target of $140.00. 3M traded as high as $152.08 and last traded at $149.14, with a volume of 7076527 shares traded. The stock had previously closed at $146.89.

Several other analysts have also recently weighed in on the stock. Bank of America upped their price objective on shares of 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays increased their price target on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday. Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Finally, Citigroup raised their target price on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, 3M currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.87.

Hedge Funds Weigh In On 3M

Large investors have recently bought and sold shares of the business. Financial Life Planners bought a new stake in shares of 3M during the 4th quarter valued at $25,000. FSA Wealth Management LLC bought a new stake in 3M in the third quarter valued at about $27,000. Daymark Wealth Partners LLC lifted its stake in 3M by 8.6% in the third quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock valued at $30,000 after buying an additional 17,211 shares during the period. McClarren Financial Advisors Inc. boosted its holdings in 3M by 118.6% during the third quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after buying an additional 121 shares during the last quarter. Finally, ORG Partners LLC grew its position in shares of 3M by 44.1% during the 4th quarter. ORG Partners LLC now owns 320 shares of the conglomerate’s stock worth $41,000 after buying an additional 98 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Down 0.0 %

The business has a 50 day moving average price of $132.43 and a 200 day moving average price of $128.82. The company has a market capitalization of $81.47 billion, a P/E ratio of 19.82, a PEG ratio of 2.46 and a beta of 0.95. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M (NYSE:MMM) last issued its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, beating the consensus estimate of $1.66 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5,770,390 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. The business’s quarterly revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.42 earnings per share. Analysts anticipate that 3M will post 7.66 EPS for the current year.

3M Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid 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 1.87%. 3M’s payout ratio is 37.09%.

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.