Brokerages Anticipate 3M Company (MMM) Will Post Earnings of $2.18 Per Share
Equities analysts expect 3M Company (NYSE:MMM) to report earnings per share (EPS) of $2.18 for the current quarter, Zacks reports. Four analysts have made estimates for 3M’s earnings. The lowest EPS estimate is $2.09 and the highest is $2.25. 3M reported earnings of $2.15 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 1.4%. The firm is scheduled to issue its next quarterly earnings report before the market opens on Tuesday, October 24th.
On average, analysts expect that 3M will report full-year earnings of $8.90 per share for the current fiscal year, with EPS estimates ranging from $8.63 to $9.10. For the next fiscal year, analysts forecast that the company will report earnings of $9.42 per share, with EPS estimates ranging from $9.08 to $9.85. Zacks’ EPS calculations are an average based on a survey of research analysts that cover 3M.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by $0.01. 3M had a net margin of 17.65% and a return on equity of 47.83%. The business had revenue of $7.81 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period last year, the firm posted $2.08 earnings per share. 3M’s quarterly revenue was up 1.9% compared to the same quarter last year.
Several research firms have recently commented on MMM. Jefferies Group LLC reiterated a “buy” rating and issued a $234.00 target price on shares of 3M in a report on Wednesday, August 16th. Zacks Investment Research downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Stifel Nicolaus reiterated a “hold” rating and issued a $210.00 target price on shares of 3M in a report on Friday, July 28th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $209.00 target price (down previously from $210.00) on shares of 3M in a report on Wednesday, July 26th. Finally, William Blair restated an “outperform” rating on shares of 3M in a research note on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. 3M presently has an average rating of “Hold” and a consensus price target of $206.68.
In related news, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at $633,619.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in 3M by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the period. First Eagle Investment Management LLC grew its position in 3M by 3.9% during the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares during the period. Ameriprise Financial Inc. grew its position in 3M by 0.3% during the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after buying an additional 8,239 shares during the period. American Century Companies Inc. grew its position in 3M by 37.1% during the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in 3M by 3.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after buying an additional 92,789 shares during the period. 66.30% of the stock is owned by hedge funds and other institutional investors.
3M (NYSE:MMM) opened at 204.46 on Friday. The stock’s 50 day moving average price is $204.63 and its 200-day moving average price is $199.97. 3M has a 12 month low of $163.85 and a 12 month high of $214.57. The firm has a market capitalization of $122.01 billion, a price-to-earnings ratio of 23.32 and a beta of 1.08.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be given a $1.175 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a yield of 2.30%. 3M’s dividend payout ratio (DPR) is presently 53.59%.
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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