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

3M (NYSE:MMM) updated its FY 2024 earnings guidance on Sunday. 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.

3M Price Performance

MMM opened at $125.85 on Tuesday. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34. The firm has a market cap of $68.53 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 2.05 and a beta of 0.95. The stock’s 50-day moving average price is $132.88 and its 200 day moving average price is $115.73.

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

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is 35.35%.

Analyst Ratings Changes

Several research firms have weighed in on MMM. Melius Research raised 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Tuesday, October 22nd. Royal Bank of Canada lifted their target price on shares of 3M from $99.00 to $100.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They issued an “underweight” rating and a $125.00 price target on the stock. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Finally, Melius raised 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $139.27.

Insider Activity

In other news, Chairman Michael F. Roman sold 5,675 shares of the firm’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 transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.38% of the company’s stock.

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.