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.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on MMM. Vertical Research upgraded shares of 3M from a hold rating to a buy rating and increased their price objective for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Citigroup upped their target price on 3M from $98.00 to $100.00 and gave the company a neutral rating in a research report on Wednesday, May 1st. Barclays increased their price target on 3M from $118.00 to $120.00 and gave the stock an overweight rating in a report on Wednesday, July 10th. Royal Bank of Canada lifted their price target on shares of 3M from $78.00 to $87.00 and gave the company an underperform rating in a research note on Wednesday, May 1st. Finally, Wolfe Research upgraded shares of 3M from a peer perform rating to an outperform rating and set a $125.00 price objective on the stock in a report on Thursday, June 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, 3M currently has a consensus rating of Hold and a consensus price target of $112.17.
Check Out Our Latest Analysis on 3M
3M Stock Up 23.0 %
3M (NYSE:MMM – Get Free Report) last released 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 for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same period in the previous year, the company earned $2.17 earnings per share. Equities analysts predict that 3M will post 7.17 earnings per share for the current year.
3M Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 24th were issued a dividend of $0.70 per share. 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 (DPR) 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.
Featured Articles
- Five stocks we like better than 3M
- Why Understanding Call Option Volume is Essential to Successful Options Trading
- Why Call Options Volume for These 2 Stocks Spiked Together
- What Are Trending Stocks? Trending Stocks Explained
- MarketBeat Week in Review – 7/22 – 7/26
- Earnings Per Share Calculator: How to Calculate EPS
- 3M Surprises and Rebound Accelerates: It Isn’t Too Late To Get In
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.