3M (MMM) Updates FY18 Earnings Guidance
3M (NYSE:MMM) issued an update on its FY18 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $9.60-10.00 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $9.61. 3M also updated its FY17 guidance to $9.00-9.10 EPS.
Shares of 3M (NYSE MMM) traded up $1.17 during midday trading on Tuesday, hitting $239.30. The company’s stock had a trading volume of 1,742,800 shares, compared to its average volume of 1,838,718. The company has a market capitalization of $141,832.17, a PE ratio of 26.61, a PEG ratio of 2.58 and a beta of 1.10. 3M has a 12 month low of $173.55 and a 12 month high of $244.23. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.47 and a current ratio of 2.07.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.12. The company had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a return on equity of 48.55% and a net margin of 17.71%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period last year, the business earned $2.15 earnings per share. equities analysts forecast that 3M will post 9.09 EPS for the current year.
A number of research analysts recently issued reports on MMM shares. Jefferies Group reaffirmed a buy rating and issued a $234.00 price target on shares of 3M in a report on Wednesday, August 16th. Bank of America reissued a buy rating and set a $227.00 price objective on shares of 3M in a report on Thursday, September 14th. Royal Bank of Canada reissued a hold rating and set a $209.00 price objective on shares of 3M in a report on Friday, September 15th. J P Morgan Chase & Co cut 3M from a neutral rating to an underweight rating and boosted their price objective for the stock from $185.00 to $201.00 in a report on Wednesday, September 20th. Finally, Morgan Stanley boosted their price objective on 3M from $190.00 to $201.00 and gave the stock an underweight rating in a report on Monday, October 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $231.16.
In related news, Chairman Inge G. Thulin sold 6,823 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $233.14, for a total value of $1,590,714.22. Following the completion of the transaction, the chairman now directly owns 196,906 shares in the company, valued at approximately $45,906,664.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Frank R. Jr. Little sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $234.47, for a total value of $351,705.00. The disclosure for this sale can be found here. Insiders have sold a total of 22,804 shares of company stock valued at $5,303,706 over the last 90 days. Corporate insiders own 0.58% of the company’s stock.
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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