3M (NYSE:MMM) Issues Earnings Results, Beats Estimates By $0.11 EPS

3M (NYSE:MMM - Get Free Report) announced its quarterly earnings data on Tuesday. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11, Zacks reports. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%.

3M Stock Down 0.2 %

Shares of MMM traded down $0.27 during trading hours on Wednesday, reaching $136.06. 4,651,994 shares of the stock traded hands, compared to its average volume of 4,184,038. 3M has a 52 week low of $90.65 and a 52 week high of $156.35. The company has a market cap of $73.38 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 3.30 and a beta of 1.01. The stock has a fifty day simple moving average of $143.57 and a 200 day simple moving average of $138.17. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This is a positive change from 3M's previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a dividend yield of 2.15%. 3M's dividend payout ratio is presently 38.68%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MMM shares. Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a research note on Tuesday, April 8th. Wells Fargo & Company raised 3M from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Citigroup cut their price target on 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. dropped their price objective on shares of 3M from $165.00 to $140.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Royal Bank of Canada boosted their target price on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $147.00.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of the company's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $150.25, for a total value of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at $774,238.25. This represents a 24.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. The trade was a 90.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. Corporate insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

An institutional investor recently raised its position in 3M stock. Brighton Jones LLC raised its holdings in shares of 3M (NYSE:MMM - Free Report) by 26.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,898 shares of the conglomerate's stock after acquiring an additional 1,872 shares during the quarter. Brighton Jones LLC's holdings in 3M were worth $1,149,000 as of its most recent filing with the SEC. Institutional investors own 65.25% of the company's stock.

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.