3M Company (MMM) Issues Earnings Results, Beats Expectations By $0.12 EPS
3M Company (NYSE:MMM) released its quarterly earnings data on Tuesday. The conglomerate reported $2.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.12, MarketWatch Earnings reports. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same period in the prior year, the firm earned $2.15 earnings per share. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. 3M updated its FY17 guidance to $9.00-9.10 EPS.
3M (NYSE MMM) traded up 5.78% during trading on Tuesday, hitting $234.35. 1,197,708 shares of the stock traded hands. 3M has a 12 month low of $163.85 and a 12 month high of $234.72. The company has a market cap of $139.85 billion, a P/E ratio of 26.73 and a beta of 1.09. The company’s 50 day moving average price is $213.01 and its 200 day moving average price is $205.62.
In related news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the sale, the insider now owns 9,010 shares in the company, valued at $1,856,330.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the sale, the vice president now owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is owned by company insiders.
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A number of brokerages have commented on MMM. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Stifel Nicolaus reiterated a “hold” rating and issued a $202.00 target price on shares of 3M in a report on Wednesday, July 19th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $209.00 target price (down from $210.00) on shares of 3M in a report on Wednesday, July 26th. William Blair reiterated an “outperform” rating on shares of 3M in a report on Wednesday, July 26th. Finally, 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. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. 3M has an average rating of “Hold” and an average price target of $209.77.
3M Company Profile
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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