3M (NYSE:MMM) Announces Quarterly Earnings Results

3M (NYSE:MMM) announced its quarterly earnings data on Tuesday. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29, Yahoo Finance reports. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the previous year, the company earned $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.

3M Price Performance

Shares of NYSE:MMM opened at $97.43 on Thursday. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $99.70. The firm has a 50-day simple moving average of $95.96 and a 200 day simple moving average of $97.55. The company has a market cap of $53.91 billion, a PE ratio of -7.74, a P/E/G ratio of 2.13 and a beta of 1.00.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.20%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is currently -47.48%.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MMM shares. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. Royal Bank of Canada upped their price target on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday. Citigroup boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Finally, Mizuho reiterated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.70.

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.