3M Company (MMM) to Post Q4 2017 Earnings of $1.97 Per Share, Jefferies Group Forecasts
3M Company (NYSE:MMM) – Stock analysts at Jefferies Group cut their Q4 2017 EPS estimates for shares of 3M in a research note issued to investors on Wednesday. Jefferies Group analyst L. Alexander now anticipates that the conglomerate will earn $1.97 per share for the quarter, down from their prior estimate of $2.02. Jefferies Group currently has a “Buy” rating and a $262.00 target price on the stock. Jefferies Group also issued estimates for 3M’s FY2018 earnings at $9.80 EPS.
A number of other research firms have also commented on MMM. ValuEngine lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Citigroup restated a “buy” rating and issued a $250.00 price objective (up from $228.00) on shares of 3M in a research report on Monday, October 9th. Royal Bank of Canada raised their price objective on shares of 3M from $205.00 to $209.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 25th. Finally, Credit Suisse Group restated an “outperform” rating and issued a $237.00 price objective (up from $229.00) on shares of 3M in a research report on Wednesday, October 11th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. 3M currently has a consensus rating of “Hold” and a consensus price target of $231.16.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the business earned $2.15 earnings per share.
A number of institutional investors have recently made changes to their positions in the business. MPS Loria Financial Planners LLC purchased a new position in shares of 3M during the second quarter worth approximately $124,000. Hoertkorn Richard Charles purchased a new position in shares of 3M during the third quarter worth approximately $126,000. Proficio Capital Partners LLC raised its stake in shares of 3M by 156.0% during the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after acquiring an additional 404 shares in the last quarter. Harfst & Associates Inc. raised its stake in shares of 3M by 17.0% during the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after acquiring an additional 100 shares in the last quarter. Finally, Mascoma Wealth Management LLC raised its stake in shares of 3M by 87.5% during the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after acquiring an additional 350 shares in the last quarter. Institutional investors and hedge funds own 66.33% of the company’s stock.
In other 3M news, Chairman Inge G. Thulin sold 6,823 shares of 3M stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $233.14, for a total transaction of $1,590,714.22. Following the completion of the sale, the chairman now directly owns 196,906 shares in the company, valued at $45,906,664.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $234.47, for a total transaction of $351,705.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,804 shares of company stock valued at $5,303,706. 0.58% of the stock is currently owned by company insiders.
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th were given a dividend of $0.0118 per share. The ex-dividend date was Wednesday, November 22nd. This represents a $0.05 annualized dividend and a yield of 0.02%. 3M’s payout ratio is presently 52.51%.
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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, , 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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