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

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Saturday morning. The company provided earnings per share (EPS) guidance of 7.000-7.300 for the period, compared to the consensus estimate of 7.260. The company issued revenue guidance of -.

3M Stock Up 0.9 %

Shares of NYSE MMM opened at $133.18 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. 3M has a 12-month low of $71.12 and a 12-month high of $134.99. The company has a market cap of $73.16 billion, a price-to-earnings ratio of -10.47, a price-to-earnings-growth ratio of 2.41 and a beta of 0.95. The firm’s 50-day simple moving average is $121.42 and its 200 day simple moving average is $106.34.

3M (NYSE:MMM) last released its earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the prior year, the company posted $2.17 EPS. On average, research analysts expect that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.10%. 3M’s dividend payout ratio is -22.01%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of research reports. Morgan Stanley initiated coverage on 3M in a research note on Friday, September 6th. They set an underweight rating and a $125.00 target price for the company. Bank of America increased their target price on 3M from $120.00 to $143.00 and gave the stock a buy rating in a research note on Monday, July 29th. Royal Bank of Canada increased their target price on 3M from $93.00 to $95.00 and gave the stock an underperform rating in a research note on Monday, July 29th. Argus raised shares of 3M from a hold rating to a buy rating and set a $145.00 price target for the company in a research note on Tuesday, July 30th. Finally, Barclays raised their price target on shares of 3M from $120.00 to $145.00 and gave the stock an overweight rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $124.43.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the sale, the chairman now owns 174,036 shares in the company, valued at $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.