3M (NYSE:MMM) Sets New 52-Week High at $97.30

Shares of 3M (NYSE:MMM - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $97.30 and last traded at $97.13, with a volume of 4966422 shares changing hands. The stock had previously closed at $92.16.

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their price target on 3M from $118.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 17th. Barclays reduced their target price on 3M from $126.00 to $107.00 and set an "overweight" rating on the stock in a report on Tuesday, April 2nd. StockNews.com raised 3M from a "buy" rating to a "strong-buy" rating in a research note on Thursday, April 25th. Citigroup increased their price target on shares of 3M from $95.31 to $98.00 and gave the company a "neutral" rating in a research report on Monday, April 8th. Finally, Bank of America decreased their price objective on shares of 3M from $110.00 to $100.00 and set a "neutral" rating for the company in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, 3M currently has a consensus rating of "Hold" and a consensus target price of $104.00.

3M Stock Up 4.7 %

The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The firm's fifty day simple moving average is $95.82 and its 200 day simple moving average is $97.54. The stock has a market capitalization of $53.40 billion, a price-to-earnings ratio of -7.64, a P/E/G ratio of 1.74 and a beta of 1.02.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from 3M's previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.26%. 3M's dividend payout ratio is presently -47.82%.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.38% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Tributary Capital Management LLC bought a new position in shares of 3M in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. grew its stake in 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate's stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of 3M during the 1st quarter worth approximately $32,000. Livelsberger Financial Advisory acquired a new position in shares of 3M during the 4th quarter worth approximately $35,000. Finally, CGC Financial Services LLC boosted its holdings in shares of 3M by 89.9% in the 4th quarter. CGC Financial Services LLC now owns 338 shares of the conglomerate's stock valued at $37,000 after buying an additional 160 shares during the last quarter. Institutional investors 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.