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

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

3M Trading Up 1.6 %

Shares of MMM stock opened at $122.62 on Tuesday. The stock has a market capitalization of $67.78 billion, a PE ratio of 10.68, a P/E/G ratio of 1.25 and a beta of 1.00. 3M has a 1-year low of $107.07 and a 1-year high of $175.25. The business has a 50-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 current ratio of 1.56 and a quick ratio of 0.97.

3M (NYSE:MMMGet Rating) last released its quarterly earnings data on Tuesday, October 25th. The conglomerate reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.08. 3M had a return on equity of 40.03% and a net margin of 18.91%. The business had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter last year, the business posted $2.45 EPS. The business’s revenue was down 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate that 3M will post 10.17 earnings per share for the current year.

3M Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MMM. Mizuho dropped their price objective on 3M from $140.00 to $130.00 and set a neutral rating for the company in a report on Wednesday, October 26th. Morgan Stanley increased their target price on 3M from $108.00 to $110.00 and gave the stock an underweight rating in a research report on Wednesday, October 26th. Barclays decreased their target price on 3M from $137.00 to $130.00 and set an underweight rating for the company in a research report on Monday, October 3rd. Royal Bank of Canada increased their target price on 3M from $107.00 to $113.00 and gave the stock an underperform rating in a research report on Wednesday, October 26th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on 3M from $126.00 to $127.00 in a research report on Wednesday, October 26th. Three analysts have rated the stock with a sell rating and ten have given a hold rating to the company. According to MarketBeat, 3M has a consensus rating of Hold and an average price target of $133.79.

Insider Transactions at 3M

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

Hedge Funds Weigh In On 3M

Several large investors have recently made changes to their positions in the business. Covestor Ltd lifted its holdings in 3M by 73.0% in the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock worth $190,000 after purchasing an additional 538 shares in the last quarter. Industrial Alliance Investment Management Inc. purchased a new position in 3M during the third quarter valued at $226,000. Delphia USA Inc. lifted its stake in 3M by 37.4% in the 1st quarter. Delphia USA Inc. now owns 1,602 shares of the conglomerate’s stock worth $239,000 after purchasing an additional 436 shares in the last quarter. Dakota Wealth Management purchased a new position in shares of 3M during the first quarter valued at about $246,000. Finally, Centiva Capital LP bought a new position in 3M during the second quarter valued at approximately $267,000. 65.61% of the stock is currently 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.

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

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