3M (NYSE:MMM) Releases FY 2024 Earnings Guidance

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 6.800-7.300 for the period, compared to the consensus estimate of 7.000. The company issued revenue guidance of -.

3M Price Performance

3M stock opened at $92.16 on Tuesday. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76. The business’s fifty day simple moving average is $95.73 and its two-hundred day simple moving average is $97.49. 3M has a 12 month low of $71.12 and a 12 month high of $95.67.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.55%. This is a boost from 3M’s previous quarterly dividend of $1.50. 3M’s payout ratio is currently -47.82%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Royal Bank of Canada decreased their price target on 3M from $84.00 to $78.00 and set an underperform rating for the company in a research note on Tuesday, April 2nd. StockNews.com upgraded 3M from a buy rating to a strong-buy rating in a research note on Thursday, April 25th. Barclays decreased their price target on 3M from $126.00 to $107.00 and set an overweight rating for the company in a research note on Tuesday, April 2nd. Bank of America decreased their price target on 3M from $110.00 to $100.00 and set a neutral rating for the company in a research note on Tuesday, April 2nd. Finally, Mizuho restated a neutral rating and issued a $105.00 price target on shares of 3M in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $104.00.

Insiders Place Their Bets

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

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.