3M (NYSE:MMM) Issues FY 2024 Earnings Guidance

3M (NYSE:MMM) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 7.000-7.300 for the period, compared to the consensus EPS estimate of 7.170. The company issued revenue guidance of $31.3 billion-$31.9 billion, compared to the consensus revenue estimate of $23.5 billion. 3M also updated its FY24 guidance to $7.00-7.30 EPS.

Analysts Set New Price Targets

MMM has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on 3M in a research note on Thursday, June 6th. They set a buy rating for the company. Wells Fargo & Company raised their price objective on 3M from $100.00 to $110.00 and gave the company an equal weight rating in a research note on Wednesday, July 10th. Citigroup raised their price objective on 3M from $98.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday, May 1st. HSBC upgraded 3M from a hold rating to a buy rating and raised their price objective for the company from $91.13 to $115.00 in a research note on Friday, May 10th. Finally, Vertical Research upgraded 3M from a hold rating to a buy rating and lifted their target price for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $112.17.

3M Trading Up 23.0 %

Shares of MMM stock traded up $23.77 during trading hours on Friday, hitting $127.16. The company had a trading volume of 32,748,920 shares, compared to its average volume of 3,111,316. 3M has a 12 month low of $71.12 and a 12 month high of $128.02. The firm’s fifty day moving average is $102.05 and its 200 day moving average is $98.76. The company has a current ratio of 1.64, a quick ratio of 1.27 and a debt-to-equity ratio of 4.17.

3M (NYSE:MMM) last released its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.27. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the company earned $2.17 EPS. As a group, equities research analysts forecast that 3M will post 7.19 EPS for the current year.

3M Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.20%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio is -22.01%.

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.