3M (NYSE:MMM) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

3M (NYSE:MMM) released its quarterly earnings data on Tuesday. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05, Briefing.com reports. The business had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. 3M’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.68 earnings per share.

3M Price Performance

Shares of 3M stock traded down $4.20 during midday trading on Wednesday, reaching $127.53. The company had a trading volume of 2,211,616 shares, compared to its average volume of 4,923,905. The stock has a fifty day simple moving average of $133.03 and a 200 day simple moving average of $113.46. 3M has a 1-year low of $72.47 and a 1-year high of $141.34. 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 company has a market capitalization of $70.57 billion, a price-to-earnings ratio of -10.29, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. 3M’s dividend payout ratio (DPR) is currently -22.01%.

Insiders Place Their Bets

In other news, 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 owns 174,036 shares in the company, valued at $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 4,364 shares in the company, 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. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wells Fargo & Company boosted their price target on shares of 3M from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Barclays raised their price target on shares of 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley assumed coverage on 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Royal Bank of Canada boosted their price target on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research note on Monday, July 29th. Finally, Bank of America increased their price objective on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $134.20.

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.