3M (NYSE:MMM) Updates FY 2024 Earnings Guidance

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 6.800-7.300 for the period, compared to the consensus earnings per share estimate of 7.000. The company issued revenue guidance of -.

3M Price Performance

NYSE:MMM traded down $1.60 during trading hours on Thursday, reaching $96.84. 3,059,110 shares of the company traded hands, compared to its average volume of 5,877,704. The firm’s 50-day moving average is $95.96 and its 200-day moving average is $97.55. The stock has a market cap of $53.59 billion, a P/E ratio of -7.67, a P/E/G ratio of 2.13 and a beta of 1.00. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 0.76. 3M has a 1-year low of $71.12 and a 1-year high of $99.70.

3M (NYSE:MMM) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the prior year, the firm earned $1.97 EPS. Equities research analysts expect that 3M will post 7.05 earnings per share for the current fiscal year.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a $1.51 dividend. This is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.24%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is -47.48%.

Analyst Ratings Changes

Several research firms have commented on MMM. Bank of America cut their price objective on 3M from $110.00 to $100.00 and set a neutral rating on the stock in a research report on Tuesday, April 2nd. Royal Bank of Canada raised their target price on 3M from $78.00 to $87.00 and gave the company an underperform rating in a research note on Wednesday. UBS Group raised their target price on 3M from $98.00 to $100.00 and gave the company a neutral rating in a research note on Wednesday. StockNews.com upgraded 3M from a buy rating to a strong-buy rating in a research note on Thursday, April 25th. Finally, Wells Fargo & Company lowered their target price on 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $103.70.

Insider Activity

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at $366,141.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.34% of the company’s stock.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.