3M (MMM) Scheduled to Post Earnings on Tuesday

3M (NYSE:MMM) will be releasing its earnings data before the market opens on Tuesday, October 22nd. Analysts expect 3M to post earnings of $1.93 per share for the quarter. 3M has set its FY 2024 guidance at 7.000-7.300 EPS and its FY24 guidance at $7.00-7.30 EPS.Persons that wish to listen to the company’s earnings conference call can do so using this link.

3M (NYSE:MMM) last issued its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the company posted $2.17 earnings per share. On average, analysts expect 3M to post $7 EPS for the current fiscal year and $8 EPS for the next fiscal year.

3M Trading Down 0.4 %

Shares of 3M stock opened at $135.14 on Friday. 3M has a 12-month low of $71.12 and a 12-month high of $140.72. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The stock has a market cap of $74.78 billion, a PE ratio of -10.62, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. The company has a 50-day moving average of $132.67 and a two-hundred day moving average of $112.73.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a yield of 2.07%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MMM. Citigroup increased their target price on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research note on Tuesday, July 30th. Royal Bank of Canada raised their price objective on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of 3M from a “hold” rating to a “buy” rating and raised their price objective for the stock from $110.00 to $150.00 in a research note on Monday, July 29th. Finally, Barclays raised their price objective on shares of 3M from $145.00 to $160.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $130.57.

Insiders Place Their Bets

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Company Profile

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.