Brokerages expect 3M Co (NYSE:MMM) to post $8.22 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for 3M’s earnings, with estimates ranging from $8.10 billion to $8.35 billion. 3M posted sales of $7.69 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 6.9%. The firm is expected to announce its next quarterly earnings results on Tuesday, April 24th.
On average, analysts expect that 3M will report full-year sales of $8.22 billion for the current year, with estimates ranging from $33.42 billion to $33.97 billion. For the next fiscal year, analysts forecast that the firm will report sales of $35.07 billion per share, with estimates ranging from $34.57 billion to $35.67 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow 3M.
3M (NYSE:MMM) last released its quarterly earnings data on Thursday, January 25th. The conglomerate reported $2.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.07. 3M had a net margin of 15.35% and a return on equity of 48.34%. The company had revenue of $7.99 billion during the quarter, compared to analyst estimates of $7.85 billion. During the same period in the prior year, the firm earned $1.88 earnings per share. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year.
MMM has been the subject of a number of research reports. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $258.00 price objective for the company in a research note on Tuesday, November 7th. Argus reaffirmed a “buy” rating on shares of 3M in a research note on Friday, December 22nd. Citigroup upped their price objective on shares of 3M from $268.00 to $278.00 and gave the stock a “buy” rating in a research note on Tuesday, January 16th. Hilliard Lyons raised shares of 3M from a “neutral” rating to a “buy” rating and set a $285.00 price target for the company in a research report on Wednesday, January 24th. Finally, Vetr raised shares of 3M from a “hold” rating to a “buy” rating and set a $250.06 price target for the company in a research report on Monday, February 5th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. 3M presently has a consensus rating of “Hold” and a consensus target price of $254.02.
In other news, VP Ippocratis Vrohidis sold 225 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $249.68, for a total transaction of $56,178.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Frank R. Jr. Little sold 3,133 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $236.85, for a total transaction of $742,051.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,806 shares of company stock worth $13,162,628. Corporate insiders own 0.58% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Lenox Wealth Advisors Inc. increased its holdings in shares of 3M by 16,300.0% during the fourth quarter. Lenox Wealth Advisors Inc. now owns 492 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 489 shares in the last quarter. Horan Capital Management acquired a new position in shares of 3M during the fourth quarter valued at about $123,000. Virtue Capital Management LLC acquired a new position in shares of 3M during the fourth quarter valued at about $127,000. Sawyer & Company Inc acquired a new position in shares of 3M during the fourth quarter valued at about $138,000. Finally, Field & Main Bank acquired a new position in shares of 3M during the fourth quarter valued at about $140,000. Hedge funds and other institutional investors own 66.05% of the company’s stock.
Shares of 3M (MMM) opened at $233.66 on Wednesday. 3M has a one year low of $188.25 and a one year high of $259.77. The firm has a market cap of $139,140.00, a PE ratio of 25.48, a P/E/G ratio of 2.14 and a beta of 1.10. The company has a quick ratio of 1.33, a current ratio of 1.86 and a debt-to-equity ratio of 1.04.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Friday, February 16th will be given a dividend of $1.36 per share. This represents a $5.44 annualized dividend and a dividend yield of 2.33%. This is a positive change from 3M’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend is Thursday, February 15th. 3M’s dividend payout ratio is presently 59.32%.
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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, , 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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