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

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Friday 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 7.170. 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.

3M Trading Up 23.0 %

NYSE:MMM traded up $23.77 on Friday, reaching $127.16. The company’s stock had a trading volume of 32,748,920 shares, compared to its average volume of 3,111,316. The firm has a market cap of $70.37 billion, a PE ratio of -10.00, a PEG ratio of 1.92 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The business’s 50-day moving average price is $102.05 and its two-hundred day moving average price is $98.83. 3M has a 1-year low of $71.12 and a 1-year high of $128.02.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.27. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the previous year, the firm earned $2.17 EPS. Equities research analysts anticipate that 3M will post 7.17 earnings per share for the current fiscal year.

3M Cuts Dividend

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

Wall Street Analysts Forecast Growth

MMM has been the topic of several recent research reports. Vertical Research raised 3M from a hold rating to a buy rating and lifted their price target for the company from $92.00 to $140.00 in a research note on Thursday, May 16th. Barclays boosted their target price on 3M from $118.00 to $120.00 and gave the company an overweight rating in a research note on Wednesday, July 10th. Wells Fargo & Company raised their price target on shares of 3M from $100.00 to $110.00 and gave the stock an equal weight rating in a research note on Wednesday, July 10th. Citigroup boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a neutral rating in a research report on Wednesday, May 1st. Finally, Royal Bank of Canada raised their target price on shares of 3M from $78.00 to $87.00 and gave the company an underperform rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, 3M has an average rating of Hold and an average target price of $112.17.

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.