Zacks: Analysts Anticipate 3M Co (NYSE:MMM) to Announce $1.71 Earnings Per Share

Equities analysts forecast that 3M Co (NYSE:MMM) will announce earnings of $1.71 per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for 3M’s earnings. The highest EPS estimate is $1.87 and the lowest is $1.52. 3M posted earnings of $2.20 per share in the same quarter last year, which would indicate a negative year over year growth rate of 22.3%. The business is scheduled to report its next quarterly earnings results before the market opens on Tuesday, July 28th.

According to Zacks, analysts expect that 3M will report full year earnings of $7.91 per share for the current year, with EPS estimates ranging from $7.55 to $8.40. For the next year, analysts expect that the business will report earnings of $8.72 per share, with EPS estimates ranging from $8.17 to $9.60. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that that provide coverage for 3M.

3M (NYSE:MMM) last released its quarterly earnings data on Tuesday, April 28th. The conglomerate reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.13. 3M had a net margin of 15.37% and a return on equity of 50.24%. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the previous year, the company earned $2.23 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis.

Several research firms have commented on MMM. Royal Bank of Canada upped their price objective on shares of 3M from $143.00 to $148.00 and gave the company a “sector perform” rating in a report on Wednesday, April 29th. Zacks Investment Research upgraded shares of 3M from a “sell” rating to a “hold” rating and set a $133.00 price target on the stock in a research note on Thursday, April 30th. Goldman Sachs Group decreased their price target on shares of 3M from $172.00 to $159.00 and set a “neutral” rating on the stock in a research note on Friday, March 27th. Bank of America upped their price target on shares of 3M from $165.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Finally, Citigroup upped their price target on shares of 3M from $146.00 to $170.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $161.85.

Shares of NYSE:MMM traded up $1.64 on Thursday, hitting $157.07. The company had a trading volume of 1,532,177 shares, compared to its average volume of 4,212,685. 3M has a 1-year low of $114.04 and a 1-year high of $187.72. The stock has a market cap of $89.72 billion, a price-to-earnings ratio of 18.44, a P/E/G ratio of 2.08 and a beta of 0.99. The stock has a 50 day moving average price of $154.27 and a 200 day moving average price of $156.26. The company has a current ratio of 1.65, a quick ratio of 1.19 and a debt-to-equity ratio of 1.94.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were paid a dividend of $1.47 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $5.88 dividend on an annualized basis and a yield of 3.74%. 3M’s payout ratio is 64.62%.

In other 3M news, EVP Khandpur K. Ashish sold 3,605 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $146.85, for a total transaction of $529,394.25. Following the sale, the executive vice president now directly owns 19,193 shares in the company, valued at $2,818,492.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael G. Vale sold 14,062 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $148.34, for a total transaction of $2,085,957.08. Following the sale, the executive vice president now owns 46,900 shares in the company, valued at $6,957,146. The disclosure for this sale can be found here. Insiders have sold 40,184 shares of company stock worth $5,930,874 over the last quarter. Corporate insiders own 0.42% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of 3M by 1.2% in the first quarter. Geode Capital Management LLC now owns 9,500,691 shares of the conglomerate’s stock worth $1,295,173,000 after acquiring an additional 116,065 shares during the last quarter. Flossbach Von Storch AG lifted its holdings in shares of 3M by 33.4% in the first quarter. Flossbach Von Storch AG now owns 7,767,020 shares of the conglomerate’s stock worth $1,060,276,000 after acquiring an additional 1,944,377 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of 3M by 5.2% in the first quarter. Wellington Management Group LLP now owns 6,431,330 shares of the conglomerate’s stock worth $877,940,000 after acquiring an additional 315,132 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 3M by 3.7% in the first quarter. Bank of New York Mellon Corp now owns 6,236,316 shares of the conglomerate’s stock worth $851,319,000 after acquiring an additional 221,353 shares during the last quarter. Finally, Norges Bank bought a new position in shares of 3M in the fourth quarter worth about $877,754,000. 65.83% of the stock is owned by hedge funds and other institutional investors.

About 3M

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

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Earnings History and Estimates for 3M (NYSE:MMM)

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