FY2019 Earnings Estimate for 3M Company Issued By Jefferies Group (MMM)
3M Company (NYSE:MMM) – Stock analysts at Jefferies Group increased their FY2019 earnings per share (EPS) estimates for shares of 3M in a report issued on Thursday. Jefferies Group analyst L. Alexander now forecasts that the conglomerate will post earnings per share of $10.70 for the year, up from their prior forecast of $10.50. Jefferies Group has a “Buy” rating and a $262.00 price target on the stock. Jefferies Group also issued estimates for 3M’s FY2020 earnings at $11.60 EPS.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the previous year, the firm earned $2.15 earnings per share. The business’s revenue was up 6.0% on a year-over-year basis.
Several other research firms have also recently weighed in on MMM. ValuEngine cut 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Citigroup reissued a “buy” rating and issued a $250.00 price objective (up previously from $228.00) on shares of 3M in a research report on Monday, October 9th. Royal Bank of Canada boosted their price objective on 3M from $205.00 to $209.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 25th. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $237.00 price objective (up previously from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $231.16.
3M (NYSE MMM) traded down $0.08 during mid-day trading on Friday, reaching $238.00. The company’s stock had a trading volume of 4,518,732 shares, compared to its average volume of 1,887,194. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07. 3M has a twelve month low of $173.55 and a twelve month high of $244.23. The stock has a market capitalization of $141,802.39, a PE ratio of 26.60, a P/E/G ratio of 2.58 and a beta of 1.10.
Several hedge funds and other institutional investors have recently modified their holdings of MMM. MPS Loria Financial Planners LLC bought a new stake in shares of 3M during the 2nd quarter valued at $124,000. Hoertkorn Richard Charles bought a new stake in shares of 3M during the 3rd quarter valued at $126,000. Proficio Capital Partners LLC raised its stake in shares of 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after purchasing an additional 404 shares during the period. Harfst & Associates Inc. raised its stake in shares of 3M by 17.0% during the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after purchasing an additional 100 shares during the period. Finally, Mascoma Wealth Management LLC raised its stake in shares of 3M by 87.5% during the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after purchasing an additional 350 shares during the period. 66.33% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP James L. Bauman sold 2,000 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $230.89, for a total transaction of $461,780.00. Following the transaction, the executive vice president now owns 14,362 shares of the company’s stock, valued at approximately $3,316,042.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Nicholas C. Gangestad sold 4,004 shares of the company’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $233.84, for a total value of $936,295.36. Following the transaction, the chief financial officer now directly owns 25,805 shares in the company, valued at approximately $6,034,241.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock worth $5,303,706 in the last ninety days. Insiders own 0.58% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Stockholders of record on Friday, November 24th were given a dividend of $0.0118 per share. The ex-dividend date of this dividend was Wednesday, November 22nd. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.02%. 3M’s dividend payout ratio is presently 52.51%.
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3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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