$2.01 Earnings Per Share Expected for 3M Company (MMM) This Quarter
Analysts expect 3M Company (NYSE:MMM) to announce earnings of $2.01 per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for 3M’s earnings, with estimates ranging from $1.95 to $2.11. 3M reported earnings per share of $1.88 in the same quarter last year, which suggests a positive year-over-year growth rate of 6.9%. The firm is scheduled to report its next quarterly earnings results on Tuesday, January 23rd.
On average, analysts expect that 3M will report full year earnings of $9.05 per share for the current fiscal year, with EPS estimates ranging from $8.85 to $9.10. For the next financial year, analysts expect that the firm will report earnings of $9.60 per share, with EPS estimates ranging from $9.11 to $9.95. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for 3M.
3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the previous year, the business earned $2.15 EPS. 3M’s quarterly revenue was up 6.0% compared to the same quarter last year.
A number of research firms have weighed in on MMM. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Credit Suisse Group reissued an “outperform” rating and set a $237.00 target price (up previously from $229.00) on shares of 3M in a research report on Wednesday, October 11th. J P Morgan Chase & Co lowered shares of 3M from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $185.00 to $201.00 in a research report on Wednesday, September 20th. Bank of America Corporation boosted their target price on shares of 3M from $227.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Finally, Morgan Stanley reissued an “underweight” rating and set a $191.00 target price (down previously from $193.00) on shares of 3M in a research report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $230.44.
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Shares of 3M (MMM) opened at $232.22 on Friday. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89. The company has a market cap of $138.32 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 2.52 and a beta of 1.08.
In related news, CAO Ippocratis Vrohidis sold 1,725 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $230.34, for a total value of $397,336.50. Following the sale, the chief accounting officer now owns 898 shares of the company’s stock, valued at $206,845.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Khandpur K. Ashish sold 4,004 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $231.39, for a total transaction of $926,485.56. Following the completion of the sale, the vice president now directly owns 5,236 shares in the company, valued at approximately $1,211,558.04. The disclosure for this sale can be found here. Insiders have sold 31,916 shares of company stock valued at $7,182,597 in the last ninety days. 0.58% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MMM. American Century Companies Inc. increased its stake in 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after acquiring an additional 852,262 shares during the period. Karp Capital Management Corp increased its stake in 3M by 16,353.8% in the first quarter. Karp Capital Management Corp now owns 496,246 shares of the conglomerate’s stock valued at $94,947,000 after acquiring an additional 493,230 shares during the period. Swiss National Bank increased its stake in 3M by 26.6% in the first quarter. Swiss National Bank now owns 2,131,304 shares of the conglomerate’s stock valued at $407,782,000 after acquiring an additional 447,900 shares during the period. Capital Research Global Investors bought a new stake in 3M in the second quarter valued at about $89,237,000. Finally, Bank of New York Mellon Corp increased its stake in 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after acquiring an additional 300,345 shares during the period. 66.21% of the stock is currently owned by institutional investors and hedge funds.
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, , 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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