3M Co (NYSE:MMM) Expected to Announce Earnings of $1.98 Per Share

Wall Street brokerages predict that 3M Co (NYSE:MMM) will post earnings of $1.98 per share for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for 3M’s earnings, with estimates ranging from $1.88 to $2.04. 3M reported earnings of $2.20 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 10%. The business is scheduled to report its next earnings results before the market opens on Tuesday, July 28th.

According to Zacks, analysts expect that 3M will report full year earnings of $7.91 per share for the current financial year, with EPS estimates ranging from $7.55 to $8.40. For the next financial year, analysts anticipate that the company will post earnings of $8.72 per share, with EPS estimates ranging from $8.17 to $9.60. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that that provide coverage for 3M.

3M (NYSE:MMM) last posted its earnings results on Tuesday, April 28th. The conglomerate reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.13. 3M had a net margin of 15.37% and a return on equity of 50.24%. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the previous year, the firm posted $2.23 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis.

A number of analysts have recently weighed in on the stock. Langenberg & Company upgraded shares of 3M to a “buy” rating and set a $180.00 target price on the stock in a report on Thursday, April 9th. Credit Suisse Group upped their price target on shares of 3M from $165.00 to $180.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Bank of America upped their price target on shares of 3M from $165.00 to $170.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Morgan Stanley upped their target price on shares of 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Finally, Barclays upped their target price on shares of 3M from $141.00 to $154.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 29th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $161.85.

Shares of 3M stock traded down $1.06 during trading hours on Thursday, reaching $154.51. The company’s stock had a trading volume of 65,413 shares, compared to its average volume of 3,093,604. The firm has a 50 day moving average price of $153.64 and a 200-day moving average price of $156.45. 3M has a one year low of $114.04 and a one year high of $187.72. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.65 and a quick ratio of 1.19. The stock has a market cap of $89.48 billion, a P/E ratio of 18.22, a P/E/G ratio of 2.03 and a beta of 0.99.

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 22nd were given a dividend of $1.47 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $5.88 dividend on an annualized basis and a yield of 3.81%. 3M’s payout ratio is 64.62%.

In related news, CEO Michael F. Roman sold 7,894 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $148.70, for a total transaction of $1,173,837.80. Following the completion of the sale, the chief executive officer now owns 57,868 shares of the company’s stock, valued at $8,604,971.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael G. Vale sold 14,062 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $148.34, for a total transaction of $2,085,957.08. Following the sale, the executive vice president now directly owns 46,900 shares of the company’s stock, valued at approximately $6,957,146. The disclosure for this sale can be found here. Insiders have sold 40,184 shares of company stock valued at $5,930,874 in the last three months. 0.42% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of MMM. Norges Bank purchased a new stake in 3M during the fourth quarter valued at approximately $877,754,000. Advisor Group Holdings Inc. purchased a new position in shares of 3M in the first quarter worth $36,671,000. Flossbach Von Storch AG raised its holdings in shares of 3M by 33.4% in the first quarter. Flossbach Von Storch AG now owns 7,767,020 shares of the conglomerate’s stock worth $1,060,276,000 after buying an additional 1,944,377 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of 3M by 3,725.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,450,861 shares of the conglomerate’s stock worth $255,131,000 after buying an additional 1,412,934 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of 3M by 58.0% in the fourth quarter. Alliancebernstein L.P. now owns 2,663,207 shares of the conglomerate’s stock worth $469,843,000 after acquiring an additional 977,188 shares during the period. 65.83% of the stock is owned by institutional investors.

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.

Read More: Quiet Period

Get a free copy of the Zacks research report on 3M (MMM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

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.