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

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Sunday morning. The company provided EPS guidance of 7.200-7.300 for the period, compared to the consensus EPS estimate of 7.260. The company issued revenue guidance of $31.7 billion-$31.7 billion.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MMM shares. Wells Fargo & Company increased their target price on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada raised their target price on 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 23rd. Citigroup lifted their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a report on Monday, July 29th. StockNews.com downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Finally, Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $139.27.

3M Stock Down 1.0 %

MMM opened at $127.22 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The business’s fifty day simple moving average is $133.00 and its 200 day simple moving average is $115.48. 3M has a 52 week low of $75.40 and a 52 week high of $141.34. The stock has a market cap of $69.28 billion, a PE ratio of 16.06, a P/E/G ratio of 2.07 and a beta of 0.95.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, beating the consensus estimate of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.68 EPS. As a group, research analysts expect that 3M will post 7.28 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. 3M’s dividend payout ratio (DPR) is 35.35%.

Insider Buying and Selling

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were 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 directly owns 174,036 shares in the company, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is 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.