3M (NYSE:MMM) Announces Quarterly Earnings Results

3M (NYSE:MMM) 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

Large investors have recently bought and sold shares of the business. Tributary Capital Management LLC bought a new stake in shares of 3M during the 1st quarter worth about $25,000. Financial Synergies Wealth Advisors Inc. boosted its position in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC acquired a new position in 3M during the second quarter valued at approximately $28,000. Northwest Investment Counselors LLC bought a new position in shares of 3M in the first quarter valued at approximately $32,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of 3M in the second quarter worth $33,000. 65.25% of the stock is currently owned by institutional investors.

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.

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.