Zacks: Analysts Expect 3M Co (MMM) Will Announce Quarterly Sales of $7.87 Billion
Analysts predict that 3M Co (NYSE:MMM) will announce sales of $7.87 billion for the current quarter, according to Zacks. Four analysts have made estimates for 3M’s earnings. The lowest sales estimate is $7.71 billion and the highest is $8.02 billion. 3M posted sales of $7.33 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.4%. The firm is expected to issue its next quarterly earnings results before the market opens on Thursday, January 25th.
According to Zacks, analysts expect that 3M will report full-year sales of $7.87 billion for the current financial year, with estimates ranging from $31.38 billion to $31.69 billion. For the next financial year, analysts anticipate that the company will post sales of $33.54 billion per share, with estimates ranging from $33.12 billion to $33.87 billion. Zacks’ sales averages are an average based on a survey of research firms that cover 3M.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. 3M had a return on equity of 48.55% and a net margin of 17.71%. 3M’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.15 earnings per share.
In other news, CFO Nicholas C. Gangestad sold 4,004 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $233.84, for a total transaction of $936,295.36. Following the sale, the chief financial officer now directly owns 25,805 shares in the company, valued at approximately $6,034,241.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank R. Jr. Little sold 1,500 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was 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. In the last ninety days, insiders have sold 22,804 shares of company stock worth $5,303,706. 0.58% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Sawyer & Company Inc acquired a new stake in 3M in the 4th quarter valued at approximately $138,000. MPS Loria Financial Planners LLC acquired a new stake in 3M in the 2nd quarter valued at approximately $124,000. Hoertkorn Richard Charles acquired a new stake in 3M in the 3rd quarter valued at approximately $126,000. Harfst & Associates Inc. increased its position in 3M by 17.0% in the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after acquiring an additional 100 shares during the period. Finally, Mascoma Wealth Management LLC increased its position in 3M by 87.5% in the 3rd quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock valued at $157,000 after acquiring an additional 350 shares during the period. Institutional investors and hedge funds own 66.23% of the company’s stock.
Shares of 3M (MMM) traded up $0.27 on Tuesday, reaching $244.74. The company had a trading volume of 2,410,000 shares, compared to its average volume of 2,020,000. The stock has a market capitalization of $145,770.00, a P/E ratio of 27.31, a P/E/G ratio of 2.43 and a beta of 1.10. 3M has a 1 year low of $173.55 and a 1 year high of $247.19. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.07 and a quick ratio of 1.47.
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, , 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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