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

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Sunday morning. The company provided earnings per share guidance of 7.200-7.300 for the period, compared to the consensus earnings per share estimate of 7.260. The company issued revenue guidance of $31.7 billion-$31.7 billion.

3M Stock Up 0.5 %

Shares of 3M stock opened at $126.53 on Wednesday. 3M has a 52-week low of $75.40 and a 52-week high of $141.34. The company has a 50 day moving average of $132.78 and a 200 day moving average of $115.97. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $68.90 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.05 and a beta of 0.95.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.68 earnings per share. As a group, research analysts forecast that 3M will post 7.28 EPS for the current fiscal year.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. 3M’s dividend payout ratio is presently 35.35%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MMM shares. JPMorgan Chase & Co. lifted their target price on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Barclays boosted their price objective on shares of 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They issued an “underweight” rating and a $125.00 price objective on the stock. Finally, Bank of America boosted their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $139.27.

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.