3M Company (MMM) Issues FY17 Earnings Guidance
3M Company (NYSE:MMM) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided EPS guidance of $9.00-9.10 for the period, compared to the Thomson Reuters consensus EPS estimate of $8.96.
3M Company (NYSE:MMM) opened at 221.55 on Tuesday. The stock’s 50 day moving average price is $213.01 and its 200-day moving average price is $205.62. 3M Company has a 12-month low of $163.85 and a 12-month high of $222.78. The firm has a market cap of $132.21 billion, a PE ratio of 25.27 and a beta of 1.09.
3M (NYSE:MMM) last posted its quarterly earnings data 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). The business had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. 3M’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.08 EPS. Equities research analysts anticipate that 3M Company will post $8.96 earnings per share for the current fiscal year.
MMM has been the subject of several research analyst reports. Zacks Investment Research lowered 3M from a hold rating to a sell rating in a research note on Tuesday, October 3rd. Bank of America Corporation reissued a buy rating and set a $227.00 price objective on shares of 3M in a research note on Thursday, September 14th. Credit Suisse Group reissued an outperform rating and set a $237.00 price objective (up previously from $229.00) on shares of 3M in a research note on Wednesday, October 11th. Morgan Stanley reissued an underweight rating and set a $191.00 price objective (down previously from $193.00) on shares of 3M in a research note on Monday, July 10th. Finally, Citigroup Inc. reissued a buy rating and set a $250.00 price objective (up previously from $228.00) on shares of 3M in a research note on Monday, October 9th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $209.77.
In other news, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.66, for a total value of $295,110.48. Following the transaction, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the completion of the transaction, the insider now owns 5,503 shares in the company, valued at approximately $1,134,498.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,112 shares of company stock worth $1,878,890. Company 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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