3M (NYSE:MMM – Get Free Report) released its quarterly earnings results on Tuesday. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29, Yahoo Finance reports. The firm had revenue of $8 billion for the quarter, compared to the consensus estimate of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same quarter last year, the business posted $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.
3M Trading Down 1.3 %
Shares of NYSE:MMM traded down $1.31 during midday trading on Thursday, reaching $97.13. The company’s stock had a trading volume of 2,411,372 shares, compared to its average volume of 5,868,822. The firm has a market cap of $53.75 billion, a price-to-earnings ratio of -7.67, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. 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 1 year low of $71.12 and a 1 year high of $99.70. The business has a 50 day moving average price of $95.96 and a 200 day moving average price of $97.55.
3M Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a yield of 6.22%. 3M’s dividend payout ratio (DPR) is presently -47.48%.
Analyst Upgrades and Downgrades
Check Out Our Latest Stock Analysis on 3M
Insider Activity
In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company 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.
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