3M (NYSE:MMM) Hits New 1-Year High Following Analyst Upgrade

3M (NYSE:MMM)’s stock price 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 changing hands. The stock had previously closed at $146.89.

Several other brokerages also recently weighed in on MMM. Barclays raised their target price on shares of 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. Bank of America boosted their target price on 3M from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup increased their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday. Melius Research upgraded 3M from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, October 22nd. Finally, Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $148.87.

Institutional Investors Weigh In On 3M

Hedge funds have recently added to or reduced their stakes in the business. D.A. Davidson & CO. lifted its holdings in shares of 3M by 16.2% in the 3rd quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock valued at $20,004,000 after buying an additional 20,421 shares during the period. Franklin Resources Inc. lifted its holdings in 3M by 26.8% in the third quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock valued at $114,770,000 after acquiring an additional 178,450 shares during the period. Meyer Handelman Co. boosted its position in 3M by 1.4% in the 4th quarter. Meyer Handelman Co. now owns 197,618 shares of the conglomerate’s stock worth $25,511,000 after purchasing an additional 2,678 shares in the last quarter. Ballentine Partners LLC grew its stake in shares of 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock worth $2,490,000 after purchasing an additional 5,210 shares during the period. Finally, Stonegate Investment Group LLC increased its holdings in shares of 3M by 5.6% during the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.

3M Stock Performance

The firm’s 50 day moving average is $131.73 and its 200-day moving average is $128.53. The stock has a market capitalization of $81.21 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 2.30 and a beta of 0.95. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.08 and a current ratio of 1.43.

3M (NYSE:MMM) last posted its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5,770,390 billion. During the same period in the prior year, the company posted $2.42 EPS. The company’s revenue for the quarter was down 25.0% on a year-over-year basis. Analysts forecast that 3M will post 7.28 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Friday, November 15th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Friday, November 15th. 3M’s payout ratio is 35.35%.

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.