Equities analysts expect 3M Co (NYSE:MMM) to post $7.00 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for 3M’s earnings, with the lowest sales estimate coming in at $6.92 billion and the highest estimate coming in at $7.10 billion. 3M posted sales of $8.17 billion during the same quarter last year, which suggests a negative year over year growth rate of 14.3%. The firm is scheduled to announce its next earnings report before the market opens on Tuesday, July 28th.
On average, analysts expect that 3M will report full year sales of $30.43 billion for the current year, with estimates ranging from $29.81 billion to $31.77 billion. For the next fiscal year, analysts forecast that the firm will report sales of $32.38 billion, with estimates ranging from $30.68 billion to $34.38 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that follow 3M.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.13. 3M had a return on equity of 50.24% and a net margin of 15.37%. The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same period last year, the firm earned $2.23 earnings per share. 3M’s quarterly revenue was up 2.7% on a year-over-year basis.
MMM has been the topic of a number of analyst reports. Bank of America raised their price target on 3M from $165.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Gordon Haskett cut 3M from a “hold” rating to an “underperform” rating in a research report on Monday, March 30th. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating and set a $133.00 target price on the stock in a research report on Thursday, April 30th. Morgan Stanley lifted their target price on 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Finally, Barclays lifted their target price on 3M from $141.00 to $154.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 29th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. 3M currently has an average rating of “Hold” and an average price target of $161.85.
In other news, EVP Khandpur K. Ashish sold 3,605 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $146.85, for a total transaction of $529,394.25. Following the sale, the executive vice president now owns 19,193 shares of the company’s stock, valued at approximately $2,818,492.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Ty R. Silberhorn sold 14,623 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $146.46, for a total value of $2,141,684.58. Following the sale, the senior vice president now directly owns 16,571 shares in the company, valued at approximately $2,426,988.66. The disclosure for this sale can be found here. Insiders sold a total of 40,184 shares of company stock worth $5,930,874 in the last ninety days. 0.42% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. Chelsea Counsel Co. boosted its stake in shares of 3M by 1.1% during the 1st quarter. Chelsea Counsel Co. now owns 32,302 shares of the conglomerate’s stock worth $4,410,000 after acquiring an additional 352 shares in the last quarter. Pathstone Family Office LLC lifted its stake in 3M by 205.6% in the 1st quarter. Pathstone Family Office LLC now owns 1,100 shares of the conglomerate’s stock valued at $151,000 after buying an additional 740 shares in the last quarter. Core Alternative Capital lifted its stake in 3M by 250.6% in the 1st quarter. Core Alternative Capital now owns 34,476 shares of the conglomerate’s stock valued at $4,706,000 after buying an additional 24,643 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in 3M by 9.0% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 105,312 shares of the conglomerate’s stock valued at $14,376,000 after buying an additional 8,670 shares in the last quarter. Finally, Confluence Investment Management LLC lifted its stake in 3M by 9.8% in the 1st quarter. Confluence Investment Management LLC now owns 607,743 shares of the conglomerate’s stock valued at $82,963,000 after buying an additional 54,359 shares in the last quarter. 65.83% of the stock is currently owned by institutional investors and hedge funds.
3M stock traded down $1.06 during midday trading on Friday, reaching $154.51. The company’s stock had a trading volume of 65,413 shares, compared to its average volume of 3,093,604. 3M has a fifty-two week low of $114.04 and a fifty-two week high of $187.72. The company has a quick ratio of 1.19, a current ratio of 1.65 and a debt-to-equity ratio of 1.94. The company has a market cap of $89.48 billion, a P/E ratio of 18.22, a P/E/G ratio of 2.03 and a beta of 0.99. The business has a 50-day simple moving average of $153.64 and a 200-day simple moving average of $156.45.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were issued a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date was Thursday, May 21st. 3M’s dividend payout ratio is presently 64.62%.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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