3M (NYSE:MMM) Posts Earnings Results, Beats Expectations By $0.29 EPS

3M (NYSE:MMM) announced its quarterly earnings results on Tuesday. The conglomerate reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.29, Yahoo Finance reports. The business had revenue of $8 billion for the quarter, compared to analysts’ expectations 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 period in the prior year, the firm earned $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.

3M Price Performance

Shares of MMM traded down $1.18 during trading hours on Thursday, hitting $97.26. 2,550,733 shares of the company were exchanged, compared to its average volume of 5,871,751. The company has a market capitalization of $53.82 billion, a PE ratio of -7.67, a PEG ratio of 2.13 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 0.76. The firm has a fifty day simple moving average of $95.96 and a 200-day simple moving average of $97.55. 3M has a one year low of $71.12 and a one year high of $99.70.

3M Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.21%. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.48%.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now directly owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MMM shares. UBS Group raised their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday. Barclays lowered their target price on 3M from $126.00 to $107.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 2nd. StockNews.com upgraded 3M from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 25th. Citigroup raised their target price on 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Mizuho restated a “neutral” rating and issued a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $103.70.

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.