3M (NYSE:MMM – Get Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 7.000-7.300 for the period, compared to the consensus estimate of 7.170. The company issued revenue guidance of $31.3 billion-$31.9 billion, compared to the consensus revenue estimate of $23.5 billion. 3M also updated its FY24 guidance to $7.00-7.30 EPS.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on MMM. Wolfe Research upgraded shares of 3M from a peer perform rating to an outperform rating and set a $125.00 target price for the company in a research note on Thursday, June 13th. HSBC upgraded shares of 3M from a hold rating to a buy rating and boosted their target price for the company from $91.13 to $115.00 in a research report on Friday, May 10th. Vertical Research raised shares of 3M from a hold rating to a buy rating and boosted their price objective for the company from $92.00 to $140.00 in a research report on Thursday, May 16th. Bank of America raised 3M from a neutral rating to a buy rating and raised their target price for the stock from $105.00 to $120.00 in a report on Friday, June 7th. Finally, Barclays upped their price target on 3M from $118.00 to $120.00 and gave the stock an overweight rating in a research report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $112.17.
Read Our Latest Stock Report on MMM
3M Price Performance
3M (NYSE:MMM – Get Free Report) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.27. The business had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the prior year, the company posted $2.17 EPS. As a group, equities analysts predict that 3M will post 7.17 EPS for the current year.
3M Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a $0.70 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 2.20%. 3M’s dividend payout ratio is currently -22.01%.
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.
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