3M (MMM) to Release Quarterly Earnings on Friday

3M (NYSE:MMM) is set to issue its quarterly earnings data before the market opens on Friday, July 26th. Analysts expect the company to announce earnings of $1.66 per share for the quarter. 3M has set its FY 2024 guidance at 6.800-7.300 EPS.Investors interested in participating in the company’s conference call can do so using this link.

3M (NYSE:MMM) last released 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. The business had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.64 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 firm posted $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

NYSE MMM opened at $103.25 on Thursday. The business’s fifty day moving average price is $101.64 and its 200-day moving average price is $98.67. The stock has a market capitalization of $57.13 billion, a price-to-earnings ratio of -8.12, a PEG ratio of 1.95 and a beta of 0.95. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.64 and a quick ratio of 1.27. 3M has a 1-year low of $71.12 and a 1-year high of $106.04.

3M Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Friday, May 24th were issued a dividend of $0.70 per share. 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 payout ratio is -22.01%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Royal Bank of Canada upped their price objective on 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. Wolfe Research upgraded 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target for the company in a research note on Thursday, June 13th. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $111.00 in a research note on Wednesday, May 1st. StockNews.com initiated coverage on 3M in a research note on Thursday, June 6th. They issued a “buy” rating for the company. Finally, Wells Fargo & Company increased their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $112.17.

3M Company Profile

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.