3M Co (MMM) Expected to Announce Quarterly Sales of $8.42 Billion

Analysts expect 3M Co (NYSE:MMM) to post $8.42 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for 3M’s earnings. The lowest sales estimate is $8.36 billion and the highest is $8.53 billion. 3M posted sales of $8.17 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 3.1%. The firm is expected to report its next quarterly earnings results before the market opens on Tuesday, October 23rd.

On average, analysts expect that 3M will report full-year sales of $33.21 billion for the current financial year, with estimates ranging from $33.07 billion to $33.42 billion. For the next financial year, analysts anticipate that the firm will report sales of $34.11 billion, with estimates ranging from $33.61 billion to $34.70 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for 3M.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.58 by $0.01. The firm had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.58 EPS.

A number of equities research analysts have recently weighed in on the company. Credit Suisse Group assumed coverage on 3M in a research report on Friday, October 12th. They set an “outperform” rating and a $228.00 target price for the company. Gordon Haskett assumed coverage on 3M in a research report on Friday, October 12th. They set a “buy” rating for the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research report on Friday, October 5th. Deutsche Bank boosted their target price on 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research report on Friday, September 28th. Finally, UBS Group boosted their target price on 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, August 30th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $233.79.

In related news, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the sale, the insider now owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. Parnassus Investments CA bought a new stake in 3M in the second quarter valued at about $706,178,000. Fundsmith Equity Fund L.P. acquired a new position in 3M in the second quarter valued at about $668,488,000. Charles Schwab Investment Advisory Inc. acquired a new position in 3M in the second quarter valued at about $213,286,000. Cornerstone Wealth Management LLC grew its stake in 3M by 21,835.8% in the second quarter. Cornerstone Wealth Management LLC now owns 831,148 shares of the conglomerate’s stock valued at $4,251,000 after acquiring an additional 827,359 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in 3M by 8.7% in the second quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock valued at $1,323,362,000 after acquiring an additional 537,325 shares during the period. Institutional investors and hedge funds own 67.17% of the company’s stock.

Shares of MMM stock traded up $1.51 on Wednesday, reaching $201.36. 3,223,981 shares of the stock were exchanged, compared to its average volume of 2,563,377. The company has a market cap of $117.23 billion, a P/E ratio of 21.96, a PEG ratio of 1.91 and a beta of 1.15. 3M has a one year low of $190.57 and a one year high of $259.77. The company has a quick ratio of 1.08, a current ratio of 1.56 and a debt-to-equity ratio of 1.08.

About 3M

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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