3M (NYSE:MMM) Sets New 52-Week High Following Dividend Announcement

Key Points

• 3M shares reached a new 52-week high after the company announced a $0.78 quarterly dividend, equivalent to $3.12 annually and a 1.6% yield.
• 3M reported quarterly EPS of $2.50, beating the $2.38 analyst consensus; revenue of $6.60 billion was slightly below estimates but rose 1.5% year over year.
• Analysts’ consensus rating was Hold, with an average price target of $185.36.

Shares of 3M Company (NYSE:MMM - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $186.25 and last traded at $191.2220, with a volume of 55,510 shares changing hands. The stock had previously closed at $177.05.The newly announced dividend which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.12 annualized dividend and a dividend yield of 1.6%. 3M's payout ratio is 46.50%.

Analysts Set New Price Targets

MMM has been the topic of a number of recent research reports. Citigroup lifted their price target on shares of 3M from $183.00 to $188.00 and gave the stock a "neutral" rating in a report on Wednesday, October 21st. Wells Fargo & Company initiated coverage on shares of 3M in a report on Thursday, September 24th. They issued an "equal weight" rating and a $195.00 target price on the stock. UBS Group reissued a "buy" rating on shares of 3M in a report on Wednesday, October 21st. Mizuho increased their price target on shares of 3M from $160.00 to $180.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. Finally, Wolfe Research reiterated an "outperform" rating on shares of 3M in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, 3M has a consensus rating of "Hold" and an average target price of $185.36.

3M Stock Performance

The stock has a market capitalization of $98.23 billion, a price-to-earnings ratio of 28.19, a price-to-earnings-growth ratio of 2.32 and a beta of 1.01. The company has a 50 day simple moving average of $168.40 and a 200-day simple moving average of $161.43. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. During the same period in the previous year, the firm earned $2.19 EPS. The company's quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities research analysts expect that 3M Company will post 9.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. StoneRidge PMG Advisors LLC purchased a new position in 3M in the 3rd quarter worth approximately $708,000. Bryn Mawr Trust Advisors LLC grew its stake in 3M by 3.8% during the third quarter. Bryn Mawr Trust Advisors LLC now owns 10,750 shares of the conglomerate's stock worth $1,765,000 after buying an additional 390 shares during the last quarter. M Holdings Securities Inc. acquired a new position in 3M during the third quarter valued at approximately $557,000. Brighton Jones LLC raised its holdings in shares of 3M by 98.2% in the 3rd quarter. Brighton Jones LLC now owns 23,533 shares of the conglomerate's stock valued at $3,863,000 after purchasing an additional 11,659 shares during the period. Finally, Kimelman & Baird LLC acquired a new stake in 3M during the third quarter worth about $131,000. Institutional investors and hedge funds own 65.25% of the company's stock.

About 3M

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.

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