William Blair Weighs in on 3M Company’s FY2017 Earnings (MMM)
3M Company (NYSE:MMM) – Investment analysts at William Blair boosted their FY2017 earnings estimates for shares of 3M in a research note issued to investors on Wednesday. William Blair analyst N. Heymann now anticipates that the conglomerate will post earnings per share of $9.10 for the year, up from their previous forecast of $9.02. William Blair also issued estimates for 3M’s Q1 2018 earnings at $2.37 EPS, Q2 2018 earnings at $2.52 EPS, Q3 2018 earnings at $2.64 EPS, Q4 2018 earnings at $2.32 EPS and FY2018 earnings at $9.85 EPS.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. 3M had a return on equity of 48.55% and a net margin of 17.71%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter last year, the firm earned $2.15 EPS. 3M’s quarterly revenue was up 6.0% on a year-over-year basis.
MMM has been the subject of a number of other research reports. Zacks Investment Research lowered 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Bank of America reiterated a “buy” rating and issued a $227.00 target price on shares of 3M in a research report on Thursday, September 14th. Credit Suisse Group reiterated an “outperform” rating and issued a $237.00 target price (up previously from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Citigroup lifted their target price on 3M from $250.00 to $262.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Finally, ValuEngine lowered 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. 3M presently has a consensus rating of “Hold” and a consensus price target of $231.16.
Shares of 3M (NYSE:MMM) opened at $239.11 on Thursday. 3M has a 12 month low of $173.55 and a 12 month high of $244.23. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $140,908.98, a P/E ratio of 26.43, a price-to-earnings-growth ratio of 2.57 and a beta of 1.10.
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 12th. Investors of record on Friday, November 24th were issued a $0.0118 dividend. This represents a $0.05 annualized dividend and a dividend yield of 0.02%. The ex-dividend date was Wednesday, November 22nd. 3M’s dividend payout ratio (DPR) is 52.51%.
In other 3M news, Chairman Inge G. Thulin sold 6,823 shares of 3M stock in a transaction on Friday, October 27th. The stock was sold at an average price of $233.14, for a total transaction of $1,590,714.22. Following the sale, the chairman now owns 196,906 shares of the company’s stock, valued at approximately $45,906,664.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction on Friday, October 27th. The shares were sold at an average price of $234.47, for a total value of $351,705.00. The disclosure for this sale can be found here. In the last three months, insiders sold 22,804 shares of company stock worth $5,303,706. Company insiders own 0.58% of the company’s stock.
A number of institutional investors have recently made changes to their positions in MMM. MPS Loria Financial Planners LLC bought a new stake in 3M during the 2nd quarter valued at $124,000. Hoertkorn Richard Charles bought a new stake in shares of 3M in the 3rd quarter worth $126,000. Proficio Capital Partners LLC raised its stake in shares of 3M by 156.0% in the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after buying an additional 404 shares in the last quarter. Harfst & Associates Inc. raised its stake in shares of 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after buying an additional 100 shares in the last quarter. Finally, Mascoma Wealth Management LLC raised its stake in shares of 3M by 87.5% in the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after buying an additional 350 shares in the last quarter. 66.33% of the stock is currently owned by hedge funds and other institutional investors.
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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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