3M (NYSE:MMM) Releases FY24 Earnings Guidance

3M (NYSE:MMM) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $7.00-7.30 for the period, compared to the consensus estimate of $7.29.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a hold rating to a buy rating and boosted their price objective for the company from $110.00 to $150.00 in a report on Monday, July 29th. Wolfe Research upgraded 3M from a peer perform rating to an outperform rating and set a $125.00 price target for the company in a report on Thursday, June 13th. Wells Fargo & Company increased their price objective on shares of 3M from $100.00 to $110.00 and gave the stock an equal weight rating in a research report on Wednesday, July 10th. Citigroup raised their target price on shares of 3M from $100.00 to $133.00 and gave the company a neutral rating in a research note on Monday, July 29th. Finally, Morgan Stanley began coverage on 3M in a research report on Friday, September 6th. They set an underweight rating and a $125.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $124.43.

3M Price Performance

NYSE:MMM traded up $1.05 during trading hours on Thursday, hitting $131.28. The company’s stock had a trading volume of 2,100,158 shares, compared to its average volume of 5,131,268. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The company has a market capitalization of $72.65 billion, a P/E ratio of -10.24, a PEG ratio of 2.38 and a beta of 0.95. 3M has a twelve month low of $71.12 and a twelve month high of $134.99. The stock has a fifty day simple moving average of $120.18 and a 200-day simple moving average of $105.87.

3M (NYSE:MMM) last released its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the prior year, the company earned $2.17 EPS. On average, analysts anticipate that 3M will post 7.2 EPS for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Monday, August 26th will be given a $0.70 dividend. The ex-dividend date is Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.13%. 3M’s dividend payout ratio is presently -22.01%.

Insider Activity

In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M 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 transaction, the chief financial officer now owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was 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 in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.