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

3M (NYSE:MMM) updated its FY 2024 earnings guidance on Saturday. The company provided earnings per share guidance of 7.000-7.300 for the period, compared to the consensus earnings per share estimate of 7.260. The company issued revenue guidance of -.

3M Stock Performance

NYSE:MMM opened at $133.18 on Monday. The company has a market cap of $73.16 billion, a P/E ratio of -10.47, a P/E/G ratio of 2.41 and a beta of 0.95. The company’s 50-day moving average price is $121.42 and its 200-day moving average price is $106.54. 3M has a twelve month low of $71.12 and a twelve month high of $134.99. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last issued its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the previous year, the firm earned $2.17 EPS. On average, sell-side analysts forecast that 3M will post 7.22 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MMM shares. Morgan Stanley assumed coverage on shares of 3M in a research report on Friday, September 6th. They set an underweight rating and a $125.00 price target for the company. Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a hold rating to a buy rating and upped their target price for the company from $110.00 to $150.00 in a report on Monday, July 29th. Royal Bank of Canada upped their price objective on shares of 3M from $93.00 to $95.00 and gave the company an underperform rating in a research note on Monday, July 29th. Argus upgraded 3M from a hold rating to a buy rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Finally, Bank of America lifted their price objective on 3M from $120.00 to $143.00 and gave the company a buy rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $124.43.

Insiders Place Their Bets

In other news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the completion of the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares in the company, valued at $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

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.