3M (NYSE:MMM) Issues FY23 Earnings Guidance

3M (NYSE:MMMGet Rating) updated its FY23 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $8.50-9.00 for the period, compared to the consensus estimate of $10.23. 3M also updated its FY 2023 guidance to $8.50-$9.00 EPS.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MMM. Credit Suisse Group cut their target price on 3M to $127.00 in a research note on Thursday, October 27th. Citigroup raised their price target on shares of 3M from $117.00 to $126.00 and gave the stock a neutral rating in a report on Friday, December 9th. StockNews.com assumed coverage on 3M in a report on Wednesday, October 12th. They issued a hold rating on the stock. Royal Bank of Canada raised their price objective on 3M from $107.00 to $113.00 and gave the stock an underperform rating in a research report on Wednesday, October 26th. Finally, Morgan Stanley upped their target price on shares of 3M from $108.00 to $110.00 and gave the company an underweight rating in a research report on Wednesday, October 26th. Three investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $133.79.

3M Stock Performance

Shares of MMM stock opened at $122.62 on Tuesday. The company has a market cap of $67.78 billion, a P/E ratio of 10.68, a PEG ratio of 1.25 and a beta of 1.00. The firm has a fifty day moving average price of $124.89 and a 200 day moving average price of $126.29. The company has a current ratio of 1.56, a quick ratio of 0.97 and a debt-to-equity ratio of 0.98. 3M has a 12 month low of $107.07 and a 12 month high of $175.25.

3M (NYSE:MMMGet Rating) last released its quarterly earnings data on Tuesday, January 24th. The conglomerate reported $2.28 earnings per share for the quarter, missing analysts’ consensus estimates of $2.38 by ($0.10). The company had revenue of $8.10 billion for the quarter, compared to analyst estimates of $8.09 billion. 3M had a return on equity of 40.03% and a net margin of 18.91%. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted $2.31 EPS. Sell-side analysts predict that 3M will post 10.17 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 12th. Shareholders of record on Friday, November 18th were paid a $1.49 dividend. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $5.96 annualized dividend and a yield of 4.86%. 3M’s dividend payout ratio is presently 51.92%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On 3M

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Markel Corp increased its stake in shares of 3M by 6.5% during the first quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after acquiring an additional 16,550 shares during the period. Axiom Financial Strategies LLC increased its position in 3M by 5.3% during the 1st quarter. Axiom Financial Strategies LLC now owns 6,513 shares of the conglomerate’s stock worth $942,000 after purchasing an additional 326 shares during the period. Dakota Wealth Management purchased a new position in shares of 3M during the 1st quarter worth approximately $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of 3M by 17.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock valued at $972,000 after buying an additional 977 shares during the period. Finally, Covestor Ltd boosted its stake in shares of 3M by 73.0% in the first quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock valued at $190,000 after buying an additional 538 shares in the last quarter. 65.61% of the stock is currently owned by hedge funds and other institutional investors.

3M Company Profile

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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.

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

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