3M (NYSE:MMM) Hits New 52-Week High - Time to Buy?

3M Company (NYSE:MMM - Get Free Report) shares reached a new 52-week high during trading on Thursday . The company traded as high as $159.47 and last traded at $159.15, with a volume of 2687172 shares. The stock had previously closed at $157.56.

Analyst Ratings Changes

Several equities analysts recently issued reports on MMM shares. Citigroup boosted their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday. JPMorgan Chase & Co. set a $167.00 price target on 3M in a research note on Friday. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Saturday, July 12th. Finally, Royal Bank Of Canada boosted their price target on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $156.33.

3M Trading Down 3.3%

The business's 50-day moving average is $149.91 and its two-hundred day moving average is $145.43. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72. The stock has a market capitalization of $82.78 billion, a PE ratio of 19.42, a PEG ratio of 3.10 and a beta of 1.02.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. The company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. 3M had a return on equity of 96.19% and a net margin of 17.79%. The company's revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm earned $1.93 earnings per share. On average, analysts predict that 3M Company will post 7.8 earnings per share for the current year.

3M Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.90%. 3M's payout ratio is 36.87%.

Insider Activity

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the sale, the executive vice president owned 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the sale, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. REAP Financial Group LLC grew its position in 3M by 88.7% in the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after buying an additional 94 shares during the last quarter. Hazlett Burt & Watson Inc. acquired a new position in 3M in the fourth quarter worth approximately $27,000. Pinney & Scofield Inc. acquired a new position in 3M in the fourth quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd acquired a new position in 3M in the first quarter worth approximately $28,000. Finally, WPG Advisers LLC acquired a new position in 3M in the first quarter worth approximately $28,000. Institutional investors and hedge funds own 65.25% of the company's stock.

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.