Research Analysts Set Expectations for 3M Co’s Q3 2019 Earnings (MMM)
3M Co (NYSE:MMM) – Stock analysts at William Blair boosted their Q3 2019 earnings per share (EPS) estimates for 3M in a research note issued to investors on Thursday, March 14th. William Blair analyst N. Heymann now anticipates that the conglomerate will post earnings per share of $2.76 for the quarter, up from their prior estimate of $2.74. William Blair also issued estimates for 3M’s Q4 2019 earnings at $2.65 EPS.
Other research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Wednesday, December 5th. Credit Suisse Group reissued an “outperform” rating and set a $220.00 price objective (down from $230.00) on shares of 3M in a research report on Thursday, January 3rd. Royal Bank of Canada reissued a “buy” rating and set a $213.00 price objective on shares of 3M in a research report on Wednesday, December 19th. Barclays lowered their price objective on shares of 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a research report on Monday, November 19th. Finally, reissued a “sell” rating on shares of 3M in a research report on Tuesday, February 12th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $214.57.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.28 by $0.03. 3M had a net margin of 16.33% and a return on equity of 57.70%. The company had revenue of $7.95 billion for the quarter, compared to the consensus estimate of $7.87 billion. During the same period last year, the firm posted $2.10 EPS. 3M’s revenue for the quarter was down .6% on a year-over-year basis.
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 15th were paid a $1.44 dividend. This represents a $5.76 annualized dividend and a dividend yield of 2.77%. The ex-dividend date was Thursday, February 14th. This is a boost from 3M’s previous quarterly dividend of $1.36. 3M’s dividend payout ratio (DPR) is 55.07%.
In other news, EVP Joaquin Delgado sold 4,897 shares of the firm’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $207.30, for a total value of $1,015,148.10. Following the completion of the sale, the executive vice president now owns 23,191 shares in the company, valued at approximately $4,807,494.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Inge G. Thulin sold 13,499 shares of the firm’s stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the completion of the sale, the chairman now owns 230,458 shares of the company’s stock, valued at approximately $46,091,600. The disclosure for this sale can be found here. Insiders sold a total of 71,551 shares of company stock valued at $14,335,468 in the last 90 days. Company insiders own 0.72% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of 3M by 3.0% in the fourth quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock valued at $7,435,433,000 after purchasing an additional 1,152,714 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in shares of 3M by 17,350.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock valued at $141,000 after purchasing an additional 26,742,875 shares during the period. Northern Trust Corp lifted its stake in shares of 3M by 2.4% in the fourth quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock valued at $1,526,587,000 after purchasing an additional 186,257 shares during the period. Geode Capital Management LLC lifted its stake in shares of 3M by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares during the period. Finally, Norges Bank acquired a new stake in shares of 3M in the fourth quarter valued at about $918,305,000. Institutional investors own 67.03% of the company’s stock.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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