3M Company (MMM) Issues Earnings Results
3M Company (NYSE:MMM) released its quarterly earnings results on Tuesday. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01, MarketWatch Earnings reports. The company had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 16.78% and a return on equity of 44.95%. 3M’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.08 EPS. 3M updated its FY17 guidance to $8.80-9.05 EPS.
3M (MMM) opened at 210.00 on Tuesday. 3M has a 52 week low of $163.85 and a 52 week high of $214.57. The stock has a market cap of $125.42 billion, a P/E ratio of 25.40 and a beta of 1.09. The stock has a 50 day moving average price of $210.13 and a 200-day moving average price of $194.17.
A number of research firms have issued reports on MMM. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $237.00 price target for the company in a research note on Monday, June 19th. Stifel Nicolaus reiterated a “hold” rating and set a $202.00 price target on shares of 3M in a research note on Wednesday, July 19th. Morgan Stanley reiterated an “underweight” rating and set a $191.00 price target (down previously from $193.00) on shares of 3M in a research note on Monday, July 10th. BidaskClub downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Citigroup Inc. reiterated a “buy” rating and set a $229.00 price target (up previously from $220.00) on shares of 3M in a research note on Saturday, June 3rd. 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’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $201.55.
In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total value of $2,877,598.08. Following the sale, the vice president now owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James L. Bauman sold 14,616 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $195.81, for a total transaction of $2,861,958.96. Following the completion of the sale, the insider now owns 16,458 shares in the company, valued at approximately $3,222,640.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,698 shares of company stock worth $6,593,443. Corporate insiders own 0.58% of the company’s stock.
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3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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