3M (NYSE:MMM) Sets New 1-Year High on Earnings Beat

3M (NYSE:MMM)’s share price reached a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $141.34 and last traded at $138.46, with a volume of 921623 shares trading hands. The stock had previously closed at $134.84.

The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the previous year, the firm earned $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% on a year-over-year basis.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. 3M’s dividend payout ratio is currently -22.01%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Mizuho boosted their price objective on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Morgan Stanley initiated coverage on shares of 3M in a research report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $135.67.

Insider Transactions at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On 3M

A number of large investors have recently made changes to their positions in MMM. Global Assets Advisory LLC purchased a new position in shares of 3M in the 1st quarter valued at about $1,480,000. Wealthcare Advisory Partners LLC increased its holdings in shares of 3M by 20.7% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 15,988 shares of the conglomerate’s stock valued at $1,696,000 after purchasing an additional 2,741 shares in the last quarter. Buckley Wealth Management LLC increased its holdings in shares of 3M by 36.7% in the 1st quarter. Buckley Wealth Management LLC now owns 29,889 shares of the conglomerate’s stock valued at $3,170,000 after purchasing an additional 8,020 shares in the last quarter. Hennessy Advisors Inc. increased its holdings in shares of 3M by 60.4% in the 1st quarter. Hennessy Advisors Inc. now owns 66,400 shares of the conglomerate’s stock valued at $7,043,000 after purchasing an additional 25,000 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its holdings in 3M by 17.5% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,243 shares of the conglomerate’s stock valued at $450,000 after acquiring an additional 631 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

3M Price Performance

The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The company’s fifty day simple moving average is $133.07 and its two-hundred day simple moving average is $113.57. The stock has a market capitalization of $70.78 billion, a PE ratio of -10.06, a P/E/G ratio of 2.49 and a beta of 0.95.

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.