Analysts Anticipate 3M Co (NYSE:MMM) Will Announce Quarterly Sales of $8.13 Billion

Brokerages expect 3M Co (NYSE:MMM) to report sales of $8.13 billion for the current fiscal quarter, Zacks reports. Three analysts have made estimates for 3M’s earnings. The highest sales estimate is $8.27 billion and the lowest is $8.03 billion. 3M reported sales of $7.95 billion in the same quarter last year, which would suggest a positive year over year growth rate of 2.3%. The business is expected to report its next quarterly earnings report on Tuesday, February 4th.

On average, analysts expect that 3M will report full-year sales of $32.13 billion for the current fiscal year, with estimates ranging from $32.06 billion to $32.30 billion. For the next year, analysts anticipate that the company will report sales of $33.70 billion, with estimates ranging from $33.48 billion to $33.94 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow 3M.

3M (NYSE:MMM) last issued its earnings results on Thursday, October 24th. The conglomerate reported $2.58 EPS for the quarter, beating the Zacks’ consensus estimate of $2.49 by $0.09. The business had revenue of $7.99 billion during the quarter, compared to analysts’ expectations of $8.20 billion. 3M had a net margin of 15.48% and a return on equity of 54.02%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.58 earnings per share.

A number of research firms have recently issued reports on MMM. Citigroup reduced their price target on shares of 3M from $197.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Deutsche Bank increased their target price on 3M from $160.00 to $176.00 and gave the stock a “hold” rating in a research note on Wednesday. Barclays lowered their target price on 3M from $162.00 to $158.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Zacks Investment Research downgraded 3M from a “hold” rating to a “sell” rating and set a $166.00 target price for the company. in a research report on Monday, October 14th. Finally, Morgan Stanley cut their price target on shares of 3M from $177.00 to $173.00 and set an “equal weight” rating on the stock in a research note on Friday, September 27th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $174.25.

NYSE MMM traded up $7.10 during trading hours on Thursday, reaching $171.47. The company had a trading volume of 3,800,364 shares, compared to its average volume of 2,198,665. The company has a current ratio of 2.30, a quick ratio of 1.79 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $94.52 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 1.91 and a beta of 1.09. The stock has a 50-day moving average of $168.86 and a 200 day moving average of $166.83. 3M has a 1-year low of $150.58 and a 1-year high of $219.75.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Friday, November 22nd will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Thursday, November 21st. 3M’s payout ratio is 55.07%.

In other news, SVP Eric D. Hammes sold 1,341 shares of 3M stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $174.25, for a total transaction of $233,669.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Julie L. Bushman sold 6,879 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $165.09, for a total value of $1,135,654.11. Insiders sold 13,216 shares of company stock valued at $2,233,940 over the last ninety days. 0.83% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in MMM. Kempen Capital Management N.V. purchased a new position in 3M in the second quarter valued at about $25,000. 1 North Wealth Services LLC purchased a new position in 3M during the third quarter worth $26,000. Atwater Malick LLC acquired a new position in shares of 3M in the third quarter worth $30,000. Bridger Capital Management LLC purchased a new stake in shares of 3M in the third quarter valued at $33,000. Finally, SRS Capital Advisors Inc. purchased a new stake in shares of 3M in the second quarter valued at $37,000. Hedge funds and other institutional investors own 66.54% of the company’s stock.

About 3M

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Earnings History and Estimates for 3M (NYSE:MMM)

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