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

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

3M Price Performance

Shares of NYSE:MMM traded down $1.25 during mid-day trading on Friday, reaching $127.22. The stock had a trading volume of 3,068,858 shares, compared to its average volume of 3,918,945. The business's 50 day moving average price is $133.00 and its 200 day moving average price is $115.48. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The company has a market cap of $69.28 billion, a P/E ratio of 16.06, a price-to-earnings-growth ratio of 2.07 and a beta of 0.95. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.29 billion during the quarter, compared to analysts' expectations of $6.06 billion. During the same period last year, the company posted $2.68 EPS. The business's revenue was down 24.3% on a year-over-year basis. Research analysts expect that 3M will post 7.28 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were issued a dividend of $0.70 per share. The ex-dividend date was Monday, August 26th. This represents a $2.80 annualized dividend and a yield of 2.20%. 3M's payout ratio is 35.35%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MMM shares. Deutsche Bank Aktiengesellschaft raised shares of 3M from a "hold" rating to a "buy" rating and boosted their price objective for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Citigroup raised their price objective on 3M from $100.00 to $133.00 and gave the stock a "neutral" rating in a report on Monday, July 29th. Wells Fargo & Company upped their target price on 3M from $130.00 to $140.00 and gave the stock an "equal weight" rating in a report on Monday, October 7th. Melius upgraded 3M from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. Finally, Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They set an "underweight" rating and a $125.00 target price on the stock. 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's stock. According to data from MarketBeat.com, 3M currently has an average rating of "Hold" and a consensus target price of $139.27.

Insider Transactions at 3M

In related news, Chairman Michael F. Roman sold 5,675 shares of the company's stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares of the company's stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the company's stock in a transaction on Wednesday, August 7th. The shares were 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 directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% 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.