3M (NYSE:MMM) Updates FY 2024 Earnings Guidance

3M (NYSE:MMM) updated its FY 2024 earnings guidance on Saturday. The company provided earnings per share guidance of 7.000-7.300 for the period, compared to the consensus earnings per share estimate of 7.260. The company issued revenue guidance of -.

Analyst Upgrades and Downgrades

Several brokerages have commented on MMM. Royal Bank of Canada raised their price target on shares of 3M from $93.00 to $95.00 and gave the company an underperform rating in a report on Monday, July 29th. Wolfe Research raised shares of 3M from a peer perform rating to an outperform rating and set a $125.00 price target for the company in a research note on Thursday, June 13th. Citigroup raised their price objective on shares of 3M from $100.00 to $133.00 and gave the company a neutral rating in a research report on Monday, July 29th. Argus upgraded shares of 3M from a hold rating to a buy rating and set a $145.00 target price for the company in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded 3M from a hold rating to a buy rating and raised their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, 3M currently has an average rating of Hold and a consensus price target of $124.43.

3M Stock Up 0.9 %

Shares of NYSE MMM opened at $133.18 on Friday. The company has a market cap of $73.16 billion, a price-to-earnings ratio of -10.47, a PEG ratio of 2.41 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The firm’s fifty day moving average is $121.42 and its 200 day moving average is $106.34. 3M has a 52 week low of $71.12 and a 52 week high of $134.99.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. The firm had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. During the same period in the prior year, the firm posted $2.17 earnings per share. On average, equities research analysts expect that 3M will post 7.22 earnings per share for the current year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. 3M’s dividend payout ratio is -22.01%.

Insider Activity

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction 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 sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

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.