Equities research analysts forecast that 3M Company (NYSE:MMM) will announce earnings per share of $2.01 for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for 3M’s earnings. The highest EPS estimate is $2.11 and the lowest is $1.95. 3M posted earnings of $1.88 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 6.9%. The business is scheduled to announce its next earnings report on Tuesday, January 23rd.
On average, analysts expect that 3M will report full year earnings of $9.06 per share for the current financial year, with EPS estimates ranging from $8.85 to $9.18. For the next year, analysts expect that the business will post earnings of $9.67 per share, with EPS estimates ranging from $9.27 to $9.95. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that follow 3M.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same period last year, the firm posted $2.15 EPS. 3M’s quarterly revenue was up 6.0% on a year-over-year basis.
A number of equities analysts recently weighed in on MMM shares. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Bank of America reiterated a “buy” rating and issued a $227.00 price objective on shares of 3M in a research report on Thursday, September 14th. Credit Suisse Group reiterated an “outperform” rating and issued a $237.00 price objective (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Citigroup lifted their price objective on shares of 3M from $250.00 to $262.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Finally, ValuEngine lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Three analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $231.16.
In other news, CFO Nicholas C. Gangestad sold 4,004 shares of 3M stock in a transaction on Friday, October 27th. The stock was sold at an average price of $233.84, for a total transaction of $936,295.36. Following the completion of the transaction, the chief financial officer now owns 25,805 shares of the company’s stock, valued at approximately $6,034,241.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Inge G. Thulin sold 6,823 shares of 3M stock in a transaction on Friday, October 27th. The stock was sold at an average price of $233.14, for a total value of $1,590,714.22. Following the transaction, the chairman now directly owns 196,906 shares of the company’s stock, valued at approximately $45,906,664.84. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock worth $5,303,706 over the last 90 days. Insiders own 0.58% of the company’s stock.
Several large investors have recently added to or reduced their stakes in MMM. Karp Capital Management Corp raised its stake in shares of 3M by 16,353.8% during the 1st quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock worth $94,947,000 after buying an additional 493,230 shares during the last quarter. Capital Research Global Investors acquired a new position in shares of 3M during the 2nd quarter worth $89,237,000. State of Tennessee Treasury Department raised its stake in shares of 3M by 92.6% during the 1st quarter. State of Tennessee Treasury Department now owns 459,035 shares of the conglomerate’s stock worth $87,828,000 after buying an additional 220,741 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of 3M by 3.9% during the 1st quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares during the last quarter. Finally, Coho Partners Ltd. raised its stake in shares of 3M by 26.8% during the 2nd quarter. Coho Partners Ltd. now owns 687,532 shares of the conglomerate’s stock worth $143,137,000 after buying an additional 145,318 shares during the last quarter. 66.33% of the stock is owned by institutional investors and hedge funds.
3M (MMM) opened at $238.13 on Monday. 3M has a 1 year low of $173.55 and a 1 year high of $244.23. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47. The firm has a market cap of $141,830.00, a price-to-earnings ratio of 26.61, a P/E/G ratio of 2.58 and a beta of 1.10.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th will be given a dividend of $0.0118 per share. The ex-dividend date is Wednesday, November 22nd. This represents a $0.05 annualized dividend and a dividend yield of 0.02%. 3M’s payout ratio is currently 52.46%.
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3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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