3M (NYSE:MMM) Updates Q3 Earnings Guidance

3M (NYSE:MMM) updated its third quarter earnings guidance on Wednesday. The company provided EPS guidance of $2.25-$2.40 for the period, compared to the consensus EPS estimate of $2.37. The company issued revenue guidance of $7.9-$8.0 billion, compared to the consensus revenue estimate of $8.06 billion.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MMM. Bank of America upgraded shares of 3M from an underperform rating to a neutral rating and set a $110.00 price target on the stock in a research note on Tuesday, July 11th. Morgan Stanley upgraded shares of 3M from an underweight rating to an equal weight rating and upped their price target for the company from $102.00 to $113.00 in a research note on Thursday, August 31st. UBS Group upped their price target on shares of 3M from $95.00 to $115.00 in a research note on Tuesday, July 25th. VNET Group reiterated a maintains rating on shares of 3M in a research note on Tuesday, June 27th. Finally, Wells Fargo & Company decreased their price target on shares of 3M from $110.00 to $100.00 in a research note on Monday, July 10th. One investment analyst has rated the stock with a sell rating and ten have assigned a hold rating to the stock. Based on data from MarketBeat, 3M has a consensus rating of Hold and a consensus target price of $113.45.

3M Stock Performance

Shares of NYSE:MMM opened at $101.05 on Thursday. The company’s 50 day moving average price is $104.14 and its two-hundred day moving average price is $103.07. 3M has a 12-month low of $92.38 and a 12-month high of $133.91. The firm has a market cap of $55.78 billion, a PE ratio of -35.58, a PEG ratio of 1.64 and a beta of 0.96. The company has a quick ratio of 0.96, a current ratio of 1.44 and a debt-to-equity ratio of 1.65.

3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.44. The business had revenue of $7.99 billion for the quarter, compared to analyst estimates of $7.88 billion. 3M had a negative net margin of 4.43% and a positive return on equity of 38.99%. The firm’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter last year, the business posted $2.48 EPS. Equities research analysts predict that 3M will post 8.95 earnings per share for the current year.

3M Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Monday, August 21st were given a dividend of $1.50 per share. The ex-dividend date of this dividend was Friday, August 18th. This represents a $6.00 annualized dividend and a dividend yield of 5.94%. 3M’s dividend payout ratio is -211.27%.

Institutional Trading of 3M

Several large investors have recently made changes to their positions in MMM. Financial Freedom LLC acquired a new stake in shares of 3M during the 4th quarter worth approximately $25,000. First Capital Advisors Group LLC. bought a new position in 3M in the 2nd quarter valued at approximately $47,000. Pacific Center for Financial Services bought a new position in 3M in the 1st quarter valued at approximately $52,000. PCA Investment Advisory Services Inc. bought a new position in 3M in the 2nd quarter valued at approximately $56,000. Finally, Milestone Investment Advisors LLC bought a new position in 3M in the 1st quarter valued at approximately $68,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.