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 guidance of 7.000-7.300 for the period, compared to the consensus earnings per share estimate of 7.260. The company issued revenue guidance of -.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wolfe Research upgraded shares of 3M from a peer perform rating to an outperform rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Wells Fargo & Company raised their price target on 3M from $100.00 to $110.00 and gave the company an equal weight rating in a report on Wednesday, July 10th. Bank of America boosted their price objective 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 raised their target price on 3M from $93.00 to $95.00 and gave the company an underperform rating in a research note on Monday, July 29th. Finally, Citigroup upped their price target on shares of 3M from $100.00 to $133.00 and gave the stock a neutral rating in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $124.43.

3M Price Performance

Shares of MMM stock opened at $134.61 on Tuesday. The firm’s 50 day moving average price is $122.09 and its two-hundred day moving average price is $106.84. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. 3M has a 52-week low of $71.12 and a 52-week high of $135.28. The stock has a market cap of $74.49 billion, a PE ratio of -10.58, a PEG ratio of 2.41 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the company earned $2.17 EPS. As a group, analysts forecast that 3M will post 7.22 EPS for the current year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is currently -22.01%.

Insider Buying and Selling at 3M

In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M 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 transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

3M Company Profile

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.