3M (NYSE:MMM) Updates Q1 2023 Earnings Guidance

3M (NYSE:MMMGet Rating) issued an update on its first quarter 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.25-$1.65 for the period, compared to the consensus earnings per share estimate of $2.50. The company issued revenue guidance of $7.20 billion-$7.60 billion, compared to the consensus revenue estimate of $8.34 billion. 3M also updated its FY 2023 guidance to $8.50-$9.00 EPS.

3M Trading Up 1.6 %

NYSE:MMM opened at $122.62 on Tuesday. The firm has a market cap of $67.78 billion, a PE ratio of 10.68, a price-to-earnings-growth ratio of 1.25 and a beta of 1.00. The stock has a fifty day moving average price of $124.89 and a 200 day moving average price of $126.29. 3M has a 12-month low of $107.07 and a 12-month high of $175.25. 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 (NYSE:MMMGet Rating) last announced its quarterly earnings results on Tuesday, October 25th. The conglomerate reported $2.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.08. 3M had a return on equity of 40.03% and a net margin of 18.91%. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.70 billion. During the same period in the previous year, the business earned $2.45 EPS. 3M’s revenue for the quarter was down 3.8% on a year-over-year basis. Sell-side analysts anticipate that 3M will post 10.17 earnings per share for the current fiscal year.

3M Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 12th. Stockholders of record on Friday, November 18th were given a dividend of $1.49 per share. This represents a $5.96 dividend on an annualized basis and a dividend 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

A number of research firms have recently commented on MMM. Credit Suisse Group cut their target price on 3M to $127.00 in a research report on Thursday, October 27th. The Goldman Sachs Group dropped their price target on 3M from $149.00 to $129.00 and set a neutral rating on the stock in a research report on Tuesday, October 11th. Wells Fargo & Company boosted their price target on 3M from $123.00 to $125.00 and gave the company an equal weight rating in a research report on Thursday, January 19th. Citigroup boosted their price target on 3M from $117.00 to $126.00 and gave the company a neutral rating in a research report on Friday, December 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on 3M from $126.00 to $127.00 in a research report on Wednesday, October 26th. Three research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $133.79.

Insiders Place Their Bets

In other 3M news, EVP Kevin H. Rhodes sold 5,703 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $126.40, for a total transaction of $720,859.20. Following the transaction, the executive vice president now owns 2,033 shares in the company, valued at approximately $256,971.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 3M news, EVP Kevin H. Rhodes sold 5,703 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $126.40, for a total transaction of $720,859.20. Following the transaction, the executive vice president now owns 2,033 shares in the company, valued at approximately $256,971.20. The transaction 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 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 value of $135,245.88. Following the transaction, the senior vice president now owns 3,313 shares in the company, valued at approximately $418,365.64. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 3M

Several institutional investors have recently modified their holdings of MMM. Markel Corp boosted its stake in shares of 3M by 6.5% during the 1st quarter. Markel Corp now owns 269,750 shares of the conglomerate’s stock worth $40,161,000 after acquiring an additional 16,550 shares in the last quarter. Axiom Financial Strategies LLC boosted its stake in shares of 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 acquiring an additional 326 shares in the last quarter. Dakota Wealth Management purchased a new stake in shares of 3M during the 1st quarter worth approximately $246,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of 3M by 17.6% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,532 shares of the conglomerate’s stock worth $972,000 after acquiring an additional 977 shares in the last quarter. Finally, Covestor Ltd boosted its stake in shares of 3M by 73.0% during the 1st quarter. Covestor Ltd now owns 1,275 shares of the conglomerate’s stock worth $190,000 after acquiring an additional 538 shares in the last quarter. Hedge funds and other institutional investors own 65.61% of the company’s stock.

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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