3M Co (NYSE:MMM) Expected to Post Quarterly Sales of $7.00 Billion

Wall Street analysts expect 3M Co (NYSE:MMM) to announce $7.00 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for 3M’s earnings, with the lowest sales estimate coming in at $6.92 billion and the highest estimate coming in at $7.10 billion. 3M posted sales of $8.17 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 14.3%. The firm is expected to issue its next earnings results before the market opens on Tuesday, July 28th.

On average, analysts expect that 3M will report full-year sales of $30.43 billion for the current financial year, with estimates ranging from $29.81 billion to $31.77 billion. For the next year, analysts forecast that the business will report sales of $32.38 billion, with estimates ranging from $30.68 billion to $34.38 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for 3M.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, April 28th. The conglomerate reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.13. 3M had a return on equity of 50.24% and a net margin of 15.37%. The firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the prior year, the company earned $2.23 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year.

MMM has been the subject of several recent research reports. Bank of America increased their price objective on 3M from $165.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Morgan Stanley raised their target price on 3M from $131.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Deutsche Bank raised their target price on 3M from $158.00 to $163.00 and gave the stock a “hold” rating in a research note on Wednesday, April 29th. Goldman Sachs Group cut their target price on 3M from $172.00 to $159.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Finally, Credit Suisse Group raised their target price on 3M from $165.00 to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $161.85.

In other news, CEO Michael F. Roman sold 7,894 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $148.70, for a total transaction of $1,173,837.80. Following the completion of the transaction, the chief executive officer now directly owns 57,868 shares of the company’s stock, valued at $8,604,971.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Ty R. Silberhorn sold 14,623 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $146.46, for a total transaction of $2,141,684.58. Following the sale, the senior vice president now owns 16,571 shares in the company, valued at $2,426,988.66. The disclosure for this sale can be found here. Insiders have sold a total of 40,184 shares of company stock valued at $5,930,874 over the last 90 days. 0.42% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Tsfg LLC increased its holdings in shares of 3M by 52.7% in the 1st quarter. Tsfg LLC now owns 200 shares of the conglomerate’s stock valued at $27,000 after acquiring an additional 69 shares during the last quarter. PARK CIRCLE Co purchased a new stake in shares of 3M during the 1st quarter worth approximately $27,000. Cascade Investment Advisors Inc. acquired a new position in shares of 3M in the 1st quarter valued at $28,000. Stonebridge Financial Planning Group LLC grew its position in shares of 3M by 211.3% in the 1st quarter. Stonebridge Financial Planning Group LLC now owns 221 shares of the conglomerate’s stock valued at $33,000 after buying an additional 150 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. acquired a new stake in 3M during the 4th quarter worth $36,000. 65.83% of the stock is currently owned by hedge funds and other institutional investors.

NYSE MMM traded down $1.06 during mid-day trading on Friday, hitting $154.51. The stock had a trading volume of 65,413 shares, compared to its average volume of 3,093,604. The firm’s 50 day moving average is $153.64 and its 200 day moving average is $156.45. 3M has a twelve month low of $114.04 and a twelve month 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 capitalization of $89.48 billion, a price-to-earnings ratio of 18.22, a PEG 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 issued a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date was Thursday, May 21st. 3M’s dividend payout ratio (DPR) is 64.62%.

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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