3M (NYSE:MMM) Releases Quarterly Earnings Results, Beats Estimates By $0.34 EPS

3M (NYSE:MMMGet Rating) posted its quarterly earnings data on Tuesday. The conglomerate reported $2.65 EPS for the quarter, beating the Zacks’ consensus estimate of $2.31 by $0.34, MarketWatch Earnings reports. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.75 billion. 3M had a net margin of 16.75% and a return on equity of 40.84%. The firm’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.77 EPS. 3M updated its FY 2022 guidance to $10.750-$11.250 EPS and its FY22 guidance to $10.75-11.25 EPS.

Shares of NYSE:MMM opened at $144.22 on Wednesday. The company has a quick ratio of 1.15, a current ratio of 1.70 and a debt-to-equity ratio of 1.06. 3M has a 12-month low of $139.74 and a 12-month high of $208.95. The firm has a market cap of $82.09 billion, a PE ratio of 14.25, a PEG ratio of 1.56 and a beta of 0.97. The company’s 50 day moving average price is $147.82 and its two-hundred day moving average price is $165.79.

The company also recently declared a quarterly dividend, which was paid on Saturday, March 12th. Investors of record on Friday, February 18th were paid a $1.49 dividend. The ex-dividend date was Thursday, February 17th. This is an increase from 3M’s previous quarterly dividend of $1.48. This represents a $5.96 annualized dividend and a yield of 4.13%. 3M’s payout ratio is 58.89%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Zullo Investment Group Inc. acquired a new stake in 3M during the 4th quarter worth approximately $326,000. Jaffetilchin Investment Partners LLC grew its stake in 3M by 92.1% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 3,418 shares of the conglomerate’s stock valued at $607,000 after acquiring an additional 1,639 shares during the period. Flagship Harbor Advisors LLC grew its position in 3M by 4.0% in the 4th quarter. Flagship Harbor Advisors LLC now owns 5,420 shares of the conglomerate’s stock valued at $963,000 after purchasing an additional 206 shares during the period. Kingsview Wealth Management LLC increased its position in shares of 3M by 10.1% during the fourth quarter. Kingsview Wealth Management LLC now owns 9,940 shares of the conglomerate’s stock worth $1,766,000 after acquiring an additional 908 shares in the last quarter. Finally, Toroso Investments LLC raised its stake in shares of 3M by 57.4% in the fourth quarter. Toroso Investments LLC now owns 18,789 shares of the conglomerate’s stock worth $3,337,000 after purchasing an additional 6,855 shares during the last quarter. Institutional investors own 66.06% of the company’s stock.

MMM has been the subject of several recent research reports. Wells Fargo & Company lowered their target price on 3M from $184.00 to $173.00 and set an “equal weight” rating for the company in a report on Tuesday, February 15th. Zacks Investment Research cut shares of 3M from a “hold” rating to a “sell” rating and set a $159.00 price objective for the company. in a report on Friday, April 22nd. StockNews.com assumed coverage on 3M in a report on Thursday, March 31st. They set a “hold” rating on the stock. UBS Group dropped their price target on 3M from $168.00 to $118.00 and set a “sell” rating on the stock in a report on Friday, March 11th. Finally, Argus reduced their price objective on shares of 3M from $225.00 to $190.00 in a research note on Wednesday, January 26th. Six analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $169.13.

3M Company Profile (Get Rating)

3M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

Further Reading

Earnings History for 3M (NYSE:MMM)

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