3M (NYSE:MMM) Updates FY24 Earnings Guidance

3M (NYSE:MMM) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $7.00-7.30 for the period, compared to the consensus estimate of $7.29.

3M Stock Up 1.4 %

3M stock opened at $132.03 on Friday. The stock has a fifty day moving average price of $120.79 and a 200 day moving average price of $106.05. 3M has a 52 week low of $71.12 and a 52 week high of $134.99. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the company posted $2.17 EPS. As a group, analysts expect that 3M will post 7.22 earnings per share for the current year.

3M Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were issued a $0.70 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.12%. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Royal Bank of Canada lifted their target price on 3M from $93.00 to $95.00 and gave the company an underperform rating in a report on Monday, July 29th. Argus upgraded 3M from a hold rating to a buy rating and set a $145.00 target price for the company in a report on Tuesday, July 30th. Morgan Stanley began coverage on shares of 3M in a research report on Friday, September 6th. They set an underweight rating and a $125.00 price target on the stock. Citigroup increased their price objective on shares of 3M from $100.00 to $133.00 and gave the stock a neutral rating in a research report on Monday, July 29th. Finally, Barclays upped their price target on shares of 3M from $120.00 to $145.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $124.43.

Insider Buying and Selling at 3M

In other news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

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.