3M (MMM) to Release Quarterly Earnings on Friday

3M (NYSE:MMM) is scheduled to release its earnings data before the market opens on Friday, July 26th. Analysts expect 3M to post earnings of $1.66 per share for the quarter. 3M has set its FY 2024 guidance at 6.800-7.300 EPS.Persons that wish to listen to the company’s earnings conference call can do so using this link.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the firm earned $1.97 EPS. On average, analysts expect 3M to post $7 EPS for the current fiscal year and $8 EPS for the next fiscal year.

3M Price Performance

Shares of MMM opened at $103.25 on Thursday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.27 and a current ratio of 1.64. The stock has a 50 day simple moving average of $101.64 and a 200 day simple moving average of $98.67. 3M has a 52-week low of $71.12 and a 52-week high of $106.04. The firm has a market capitalization of $57.13 billion, a PE ratio of -8.12, a P/E/G ratio of 1.95 and a beta of 0.95.

3M Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were given a $0.70 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.80 annualized dividend and a dividend yield of 2.71%. 3M’s dividend payout ratio is presently -22.01%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMM. Bank of America upgraded 3M from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $105.00 to $120.00 in a research report on Friday, June 7th. Wells Fargo & Company upped their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. Citigroup upped their price target on 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a research report on Wednesday, March 27th. Finally, Vertical Research raised 3M from a “hold” rating to a “buy” rating and upped their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $112.17.

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.