3M (NYSE:MMM – Get Rating) – Stock analysts at Jefferies Financial Group cut their FY2023 earnings per share estimates for shares of 3M in a research report issued to clients and investors on Tuesday, December 20th. Jefferies Financial Group analyst L. Alexander now expects that the conglomerate will post earnings of $9.40 per share for the year, down from their previous estimate of $9.80. The consensus estimate for 3M’s current full-year earnings is $10.22 per share. Jefferies Financial Group also issued estimates for 3M’s FY2024 earnings at $9.00 EPS and FY2025 earnings at $9.75 EPS.
3M (NYSE:MMM – Get Rating) last issued its quarterly earnings data on Tuesday, October 25th. The conglomerate reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.08. 3M had a return on equity of 40.03{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a net margin of 18.91{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.70 billion. During the same quarter in the previous year, the company posted $2.45 EPS. The business’s revenue for the quarter was down 3.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same quarter last year.
MMM has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on 3M from $126.00 to $127.00 in a research report on Wednesday, October 26th. Wells Fargo & Company lowered their target price on 3M from $125.00 to $122.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 26th. Credit Suisse Group lowered their target price on 3M to $127.00 in a research note on Thursday, October 27th. UBS Group raised 3M from a “sell” rating to a “neutral” rating and lifted their target price for the company from $118.00 to $126.00 in a research note on Friday, September 9th. Finally, StockNews.com began coverage on 3M in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $133.57.
3M Trading Up 2.2 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Shares of MMM opened at $123.46 on Thursday. The stock has a fifty day moving average price of $124.05 and a two-hundred day moving average price of $127.98. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.97 and a current ratio of 1.56. 3M has a 52-week low of $107.07 and a 52-week high of $181.78. The company has a market cap of $68.24 billion, a price-to-earnings ratio of 10.75, a PEG ratio of 1.24 and a beta of 1.01.
Institutional Trading of 3M
Institutional investors have recently modified their holdings of the company. Better Money Decisions LLC bought a new position in shares of 3M during the 2nd quarter worth approximately $34,000. Heritage Wealth Management LLC bought a new position in 3M in the second quarter valued at $41,000. Prentice Wealth Management LLC acquired a new stake in 3M in the 2nd quarter valued at $45,000. Alaska Permanent Fund Corp lifted its position in 3M by 9,440.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the 3rd quarter. Alaska Permanent Fund Corp now owns 477 shares of the conglomerate’s stock worth $53,000 after buying an additional 472 shares in the last quarter. Finally, JFS Wealth Advisors LLC boosted its stake in shares of 3M by 55.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the 3rd quarter. JFS Wealth Advisors LLC now owns 490 shares of the conglomerate’s stock worth $54,000 after buying an additional 174 shares during the last quarter. 65.61{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other 3M news, EVP Kevin H. Rhodes sold 5,703 shares of 3M stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $126.40, for a total transaction of $720,859.20. Following the transaction, the executive vice president now directly owns 2,033 shares in the company, valued at $256,971.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other 3M news, EVP Kevin H. Rhodes sold 5,703 shares of 3M stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $126.40, for a total transaction of $720,859.20. Following the transaction, the executive vice president now directly owns 2,033 shares in the company, valued at $256,971.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of 3M stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $126.28, for a total value of $135,245.88. Following the transaction, the senior vice president now owns 3,313 shares in the company, valued at $418,365.64. The disclosure for this sale can be found here. Corporate insiders own 0.34{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.
3M Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 12th. Shareholders of record on Friday, November 18th were issued a dividend of $1.49 per share. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $5.96 annualized dividend and a yield of 4.83{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. 3M’s dividend payout ratio is presently 51.92{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
3M Company Profile
3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.
See Also
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