Equities research analysts expect that 3M Company (NYSE:MMM) will post $7.89 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for 3M’s earnings, with the highest sales estimate coming in at $8.02 billion and the lowest estimate coming in at $7.81 billion. 3M posted sales of $7.71 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 2.3%. The company is expected to announce its next earnings results before the market opens on Tuesday, October 24th.
According to Zacks, analysts expect that 3M will report full year sales of $7.89 billion for the current financial year, with estimates ranging from $30.73 billion to $31.28 billion. For the next year, analysts expect that the business will report sales of $32.04 billion per share, with estimates ranging from $31.70 billion to $32.59 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for 3M.
3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $7.81 billion during the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter in the previous year, the business posted $2.08 EPS. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis.
A number of analysts recently issued reports on the company. Jefferies Group LLC reiterated a “buy” rating and set a $234.00 price objective on shares of 3M in a research note on Wednesday, August 16th. Stifel Nicolaus reiterated a “hold” rating and set a $210.00 price objective on shares of 3M in a research note on Friday, July 28th. Zacks Investment Research lowered 3M from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Citigroup Inc. decreased their price objective on 3M from $230.00 to $228.00 and set a “buy” rating on the stock in a research note on Wednesday, July 26th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $190.00 price objective (down from $191.00) on shares of 3M in a research note on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. 3M currently has a consensus rating of “Hold” and a consensus target price of $206.68.
In other news, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the transaction, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul A. Keel sold 4,965 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the transaction, the insider now owns 5,503 shares in the company, valued at $1,134,498.48. The disclosure for this sale can be found here. Insiders have sold a total of 9,112 shares of company stock worth $1,878,890 over the last quarter. Corporate insiders own 0.58% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Proficio Capital Partners LLC increased its position in shares of 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after purchasing an additional 404 shares during the last quarter. Harfst & Associates Inc. increased its position in shares of 3M by 17.0% during the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after purchasing an additional 100 shares during the last quarter. Jackson Grant Investment Advisers Inc. increased its position in shares of 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock valued at $137,000 after purchasing an additional 4 shares during the last quarter. Ironwood Investment Management LLC bought a new position in shares of 3M during the 2nd quarter valued at about $203,000. Finally, Princeton Capital Management Inc. bought a new position in shares of 3M during the 2nd quarter valued at about $203,000. Hedge funds and other institutional investors own 66.30% of the company’s stock.
3M (NYSE:MMM) opened at 205.69 on Friday. The company has a market cap of $122.75 billion, a PE ratio of 23.46 and a beta of 1.08. The company has a 50 day moving average price of $204.44 and a 200-day moving average price of $200.01. 3M has a 12 month low of $163.85 and a 12 month high of $214.57.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th will be given a dividend of $1.175 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.28%. 3M’s dividend payout ratio (DPR) is presently 53.59%.
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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