3M (NYSE: MMM – Get Rating) – Investment analysts at Jefferies Financial Group dropped their FY2023 earnings estimates for shares of 3M in a research note issued to investors on Monday, June 27th. Jefferies Financial Group analyst L. Alexander now anticipates that the conglomerate will post earnings per share of $ 11.00 for the year, down from their previous forecast of $ 11.40. The consensus estimate for 3M’s current full-year earnings is $ 10.84 per share. Jefferies Financial Group also issued estimates for 3M’s FY2024 earnings at $ 11.40 EPS.
Several other equities research analysts have also commented on MMM. StockNews.com assumed coverage on shares of 3M in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Morgan Stanley lowered their price target on shares of 3M from $ 150.00 to $ 145.00 and set an “underweight” rating on the stock in a report on Thursday, April 7th. Royal Bank of Canada upped their price target on shares of 3M from $ 136.00 to $ 138.00 and gave the company an “underperform” rating in a report on Wednesday, April 27th. Argus lowered shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, April 28th. Finally, UBS Group lowered their price target on shares of 3M from $ 168.00 to $ 118.00 and set a “sell” rating on the stock in a report on Friday, March 11th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $ 164.00.
Shares of MMM opened at $ 130.33 on Wednesday. The firm has a market capitalization of $ 74.17 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 1.30 and a beta of 0.92. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.58 and a quick ratio of 1.00. 3M has a 1-year low of $ 128.19 and a 1-year high of $ 203.21. The company fifty day moving average price is $ 143.87 and its 200-day moving average price is $ 154.54.
3M (NYSE: MMM – Get Rating) last announced its quarterly earnings data on Tuesday, April 26th. The conglomerate reported $ 2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $ 2.33 by $ 0.32. The firm had revenue of $ 8.80 billion for the quarter, compared to analyst estimates of $ 8.75 billion. 3M had a net margin of 15.84% and a return on equity of 39.35%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the company earned $ 2.77 earnings per share.
Several large investors have recently bought and sold shares of MMM. Kovack Advisors Inc. lifted its stake in 3M by 1.1% during the 4th quarter. Kovack Advisors Inc. now owns 5,191 shares of the conglomerate’s stock worth $ 922,000 after acquiring an additional 56 shares in the last quarter. HNP Capital LLC lifted its stake in 3M by 0.8% during the 4th quarter. HNP Capital LLC now owns 6,959 shares of the conglomerate’s stock worth $ 1,236,000 after acquiring an additional 57 shares in the last quarter. Murphy Middleton Hinkle & Parker Inc. lifted its stake in 3M by 0.7% during the 4th quarter. Murphy Middleton Hinkle & Parker Inc. now owns 8,960 shares of the conglomerate’s stock worth $ 1,592,000 after acquiring an additional 60 shares in the last quarter. CRA Financial Services LLC lifted its stake in 3M by 2.3% during the 4th quarter. CRA Financial Services LLC now owns 2,636 shares of the conglomerate’s stock worth $ 468,000 after acquiring an additional 60 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in 3M by 0.8% during the 4th quarter. Allworth Financial LP now owns 7,513 shares of the conglomerate’s stock worth $ 1,335,000 after acquiring an additional 62 shares in the last quarter. 67.22% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Michael F. Roman sold 10,610 shares of the stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $ 146.21, for a total value of $ 1,551,288.10. Following the completion of the sale, the chief executive officer now owns 90,361 shares of the company stock, valued at approximately $ 13,211,681.81. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mojdeh Poul sold 1,634 shares of the stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $ 151.68, for a total transaction of $ 247,845.12. Following the completion of the sale, the insider now directly owns 7,637 shares of the company stock, valued at approximately $ 1,158,380.16. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 12th. Shareholders of record on Friday, May 20th were issued a $ 1.49 dividend. The ex-dividend date was Thursday, May 19th. This represents a $ 5.96 dividend on an annualized basis and a yield of 4.57%. 3M’s payout ratio is 62.02%.
3M Company Profile: (Get Rating)
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.
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