3M (NYSE:MMM – Get Free Report) 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 – Get Free Report) 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
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.
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