3M (NYSE:MMM) Issues FY 2023 Earnings Guidance

3M (NYSE:MMMGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of $8.50-$9.00 for the period, compared to the consensus EPS estimate of $10.22. The company issued revenue guidance of -. 3M also updated its Q1 2023 guidance to $1.25-$1.65 EPS.

3M Price Performance

Shares of 3M stock opened at $122.62 on Tuesday. 3M has a 52-week low of $107.07 and a 52-week high of $175.25. The stock has a market capitalization of $67.78 billion, a price-to-earnings ratio of 10.68, a price-to-earnings-growth ratio of 1.25 and a beta of 1.00. The company has a fifty day moving average of $124.89 and a 200-day moving average of $126.29. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.97 and a current ratio of 1.56.

3M (NYSE:MMMGet Rating) last announced its quarterly earnings data on Tuesday, October 25th. The conglomerate reported $2.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.08. 3M had a net margin of 18.91% and a return on equity of 40.03%. The company had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter in the prior year, the company earned $2.45 EPS. The firm’s revenue was down 3.8% on a year-over-year basis. Equities research analysts expect that 3M will post 10.17 EPS for the current year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Friday, November 18th were issued a dividend of $1.49 per share. The ex-dividend date was Thursday, November 17th. This represents a $5.96 dividend on an annualized basis and a yield of 4.86%. 3M’s dividend payout ratio is currently 51.92%.

Wall Street Analysts Forecast Growth

MMM has been the subject of a number of recent analyst reports. Mizuho lowered their price target on shares of 3M from $140.00 to $130.00 and set a neutral rating for the company in a report on Wednesday, October 26th. Morgan Stanley upped their price objective on shares of 3M from $108.00 to $110.00 and gave the stock an underweight rating in a report on Wednesday, October 26th. Credit Suisse Group decreased their price objective on shares of 3M to $127.00 in a report on Thursday, October 27th. StockNews.com initiated coverage on shares of 3M in a report on Wednesday, October 12th. They issued a hold rating for the company. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of 3M from $126.00 to $127.00 in a report on Wednesday, October 26th. Three investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $133.79.

Insider Buying and Selling

In related news, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $126.28, for a total transaction of $135,245.88. Following the sale, the senior vice president now directly owns 3,313 shares of the company’s stock, valued at approximately $418,365.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Kevin H. Rhodes sold 5,703 shares of the stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $126.40, for a total transaction of $720,859.20. Following the sale, the executive vice president now directly owns 2,033 shares of the company’s stock, valued at approximately $256,971.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Rodriguez Beatriz Karin Chavez sold 1,071 shares of the stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $126.28, for a total transaction of $135,245.88. Following the sale, the senior vice president now directly owns 3,313 shares in the company, valued at $418,365.64. The disclosure for this sale can be found here. 0.39% of the stock is owned by company insiders.

Institutional Trading of 3M

Several institutional investors have recently bought and sold shares of the company. Graham Capital Management L.P. purchased a new stake in shares of 3M during the 1st quarter valued at about $361,000. Fort Point Capital Partners LLC boosted its holdings in shares of 3M by 7.3% during the 1st quarter. Fort Point Capital Partners LLC now owns 2,352 shares of the conglomerate’s stock valued at $350,000 after acquiring an additional 161 shares during the last quarter. Ethic Inc. boosted its holdings in shares of 3M by 47.9% during the 1st quarter. Ethic Inc. now owns 2,324 shares of the conglomerate’s stock valued at $346,000 after acquiring an additional 753 shares during the last quarter. Advisors Capital Management LLC boosted its holdings in shares of 3M by 6.6% during the 3rd quarter. Advisors Capital Management LLC now owns 2,633 shares of the conglomerate’s stock valued at $345,000 after acquiring an additional 163 shares during the last quarter. Finally, West Family Investments Inc. boosted its holdings in shares of 3M by 56.0% during the 1st quarter. West Family Investments Inc. now owns 2,250 shares of the conglomerate’s stock valued at $335,000 after acquiring an additional 808 shares during the last quarter. 65.61% of the stock is owned by hedge funds and other institutional investors.

About 3M

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3M Co is a technology company, which manufactures industrial, safety, and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

See Also

Earnings History and Estimates for 3M (NYSE:MMM)

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