3M (NYSE:MMM) Reaches New 1-Year High Following Earnings Beat

Shares of 3M (NYSE:MMM) hit 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 for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the previous year, the company earned $2.68 EPS. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis.

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MMM. Mizuho increased their price objective on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Argus upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Morgan Stanley started coverage on 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $135.67.

Insider Buying and Selling at 3M

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

Institutional Trading of 3M

Several institutional investors and hedge funds have recently made changes to their positions in the business. BKM Wealth Management LLC bought a new position in shares of 3M in the third quarter worth about $290,000. Parcion Private Wealth LLC grew its stake in 3M by 9.0% in the 3rd quarter. Parcion Private Wealth LLC now owns 5,964 shares of the conglomerate’s stock worth $815,000 after acquiring an additional 493 shares in the last quarter. Allworth Financial LP increased its position in shares of 3M by 18.2% during the third quarter. Allworth Financial LP now owns 26,586 shares of the conglomerate’s stock worth $3,634,000 after acquiring an additional 4,091 shares during the period. Elwood & Goetz Wealth Advisory Group LLC purchased a new position in shares of 3M during the third quarter worth approximately $233,000. Finally, Trueblood Wealth Management LLC bought a new stake in shares of 3M during the third quarter valued at approximately $202,000. 65.25% of the stock is currently owned by institutional investors.

3M Stock Down 2.9 %

The business has a fifty day moving average of $133.07 and a 200-day moving average of $113.57. The stock has a market cap of $70.78 billion, a PE ratio of -10.06, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08.

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.