3M (NYSE:MMM) Posts Earnings Results, Beats Estimates By $0.29 EPS

3M (NYSE:MMM) issued its quarterly earnings results on Tuesday. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29, Yahoo Finance reports. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The business had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the business posted $1.97 earnings per share. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.

3M Trading Down 1.3 %

Shares of 3M stock traded down $1.31 during trading hours on Thursday, hitting $97.13. The company’s stock had a trading volume of 3,256,212 shares, compared to its average volume of 5,881,417. The business has a fifty day moving average of $95.96 and a 200 day moving average of $97.55. The company has a market capitalization of $53.75 billion, a PE ratio of -7.67, a P/E/G ratio of 2.13 and a beta of 1.00. 3M has a 1-year low of $71.12 and a 1-year high of $99.70. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is presently -47.48%.

Insider Activity at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of 3M from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $110.00 to $111.00 in a research report on Wednesday. Bank of America reduced their price objective on shares of 3M from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 2nd. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. Wells Fargo & Company cut their price target on shares of 3M from $112.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada increased their price target on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $103.70.

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.