Zacks: Brokerages Anticipate 3M Company (MMM) to Post $2.55 EPS
Brokerages predict that 3M Company (NYSE:MMM) will announce earnings per share of $2.55 for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for 3M Company’s earnings, with the lowest EPS estimate coming in at $2.16 and the highest estimate coming in at $2.66. 3M Company posted earnings of $2.08 per share in the same quarter last year, which indicates a positive year over year growth rate of 22.6%. The firm is expected to issue its next earnings report before the market opens on Tuesday, July 25th.
On average, analysts expect that 3M Company will report full-year earnings of $8.93 per share for the current year, with EPS estimates ranging from $8.78 to $9.15. For the next year, analysts forecast that the company will post earnings of $9.55 per share, with EPS estimates ranging from $9.35 to $9.90. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow 3M Company.
3M Company (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 25th. The conglomerate reported $2.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.09. 3M Company had a return on equity of 44.95% and a net margin of 16.78%. The company had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.48 billion. During the same quarter last year, the business posted $1.95 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis.
MMM has been the subject of several analyst reports. Zacks Investment Research raised shares of 3M Company from a “hold” rating to a “buy” rating and set a $223.00 price target for the company in a research note on Friday, May 26th. Jefferies Group LLC increased their price objective on shares of 3M Company from $210.00 to $219.00 and gave the stock a “buy” rating in a research report on Wednesday, April 19th. Barclays PLC reaffirmed a “buy” rating on shares of 3M Company in a research report on Thursday, April 27th. Credit Suisse Group reaffirmed a “buy” rating on shares of 3M Company in a research report on Thursday, April 27th. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $229.00 price objective (up previously from $220.00) on shares of 3M Company in a research report on Saturday, June 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. 3M Company presently has an average rating of “Hold” and an average price target of $199.93.
In other 3M Company news, VP Marlene Mary Mcgrath sold 14,766 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total value of $2,877,598.08. Following the completion of the transaction, the vice president now owns 24,480 shares of the company’s stock, valued at approximately $4,770,662.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jon T. Lindekugel sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $197.22, for a total transaction of $256,386.00. Following the completion of the transaction, the insider now directly owns 2,238 shares of the company’s stock, valued at approximately $441,378.36. The disclosure for this sale can be found here. Insiders sold a total of 33,698 shares of company stock valued at $6,593,443 in the last three months. 0.58% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Harfst & Associates Inc. acquired a new position in shares of 3M Company during the first quarter valued at approximately $112,000. Cable Hill Partners LLC boosted its position in shares of 3M Company by 2.4% in the first quarter. Cable Hill Partners LLC now owns 635 shares of the conglomerate’s stock valued at $122,000 after buying an additional 15 shares in the last quarter. Reilly Financial Advisors LLC boosted its position in shares of 3M Company by 3.9% in the first quarter. Reilly Financial Advisors LLC now owns 642 shares of the conglomerate’s stock valued at $123,000 after buying an additional 24 shares in the last quarter. Proficio Capital Partners LLC boosted its position in shares of 3M Company by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares in the last quarter. Finally, Cascade Investment Advisors Inc. acquired a new position in shares of 3M Company during the fourth quarter valued at approximately $127,000. 65.75% of the stock is owned by institutional investors.
Shares of 3M Company (NYSE:MMM) traded up 0.92% on Wednesday, hitting $213.24. The company’s stock had a trading volume of 3,420,608 shares. The firm has a market cap of $127.36 billion, a price-to-earnings ratio of 25.79 and a beta of 1.10. 3M Company has a one year low of $163.85 and a one year high of $213.46. The stock has a 50-day moving average price of $201.26 and a 200 day moving average price of $187.83.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were given a $1.175 dividend. The ex-dividend date of this dividend was Wednesday, May 17th. This represents a $4.70 annualized dividend and a yield of 2.20%. 3M Company’s dividend payout ratio is presently 56.83%.
3M Company Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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