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

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 6.800-7.300 for the period, compared to the consensus estimate of 7.000. The company issued revenue guidance of -.

3M Price Performance

Shares of NYSE MMM traded up $2.80 during trading hours on Wednesday, hitting $99.31. 5,472,321 shares of the stock were exchanged, compared to its average volume of 5,845,292. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The company has a market cap of $54.95 billion, a PE ratio of -7.85, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02. The company’s fifty day simple moving average is $95.82 and its two-hundred day simple moving average is $97.54. 3M has a 1-year low of $71.12 and a 1-year high of $99.70.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $2.39 EPS for the quarter, beating the consensus estimate of $2.10 by $0.29. The business had revenue of $8 billion during the quarter, compared to the consensus estimate of $7.64 billion. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. During the same quarter in the prior year, the firm earned $1.97 EPS. On average, sell-side analysts predict that 3M will post 8.19 EPS for the current year.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.08%. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is presently -47.82%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MMM shares. Wells Fargo & Company dropped their price target on shares of 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research note on Wednesday, January 24th. Barclays lowered their target price on shares of 3M from $126.00 to $107.00 and set an overweight rating for the company in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. raised shares of 3M from a neutral rating to an overweight rating and lifted their target price for the stock from $110.00 to $111.00 in a research note on Wednesday. Royal Bank of Canada lowered their target price on shares of 3M from $84.00 to $78.00 and set an underperform rating for the company in a research note on Tuesday, April 2nd. Finally, UBS Group lifted their target price on shares of 3M from $98.00 to $100.00 and gave the stock a neutral rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, 3M presently has a consensus rating of Hold and an average price target of $102.60.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is owned by corporate insiders.

About 3M

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.