3M (NYSE:MMM – Get Free Report) posted its quarterly earnings data on Friday. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25, RTT News reports. The company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the prior year, the firm earned $2.17 earnings per share. 3M updated its FY 2024 guidance to 7.000-7.300 EPS and its FY24 guidance to $7.00-7.30 EPS.
3M Stock Up 23.0 %
3M stock opened at $127.16 on Monday. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17. 3M has a 1-year low of $71.12 and a 1-year high of $128.02. The firm’s fifty day simple moving average is $102.05 and its 200-day simple moving average is $98.69. The company has a market capitalization of $70.37 billion, a P/E ratio of -10.00, a P/E/G ratio of 2.36 and a beta of 0.95.
3M Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Thursday, May 23rd. 3M’s dividend payout ratio is -22.01%.
Institutional Investors Weigh In On 3M
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on MMM shares. Royal Bank of Canada raised their price objective on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. Vertical Research raised 3M from a “hold” rating to a “buy” rating and raised their target price for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Bank of America raised 3M from a “neutral” rating to a “buy” rating and upped their price target for the company from $105.00 to $120.00 in a research report on Friday, June 7th. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price objective for the company in a research report on Thursday, June 13th. Finally, UBS Group upped their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $112.17.
Check Out Our Latest Research Report on 3M
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.
Read More
- Five stocks we like better than 3M
- Overbought Stocks Explained: Should You Trade Them?
- Is Crypto Cool Again? What Stocks You Should Be Watching
- What is the Euro STOXX 50 Index?
- Why Call Options Volume for These 2 Stocks Spiked Together
- What Are Growth Stocks and Investing in Them
- MarketBeat Week in Review – 7/22 – 7/26
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.