3M Forecasted to Earn Q2 2022 Earnings of $2.68 Per Share (NYSE:MMM)

3M (NYSE:MMM – Get Rating) – Equities research analysts at Jefferies Financial Group increased their Q2 2022 earnings estimates for 3M in a note issued to investors on Tuesday, April 26th. Jefferies Financial Group analyst L. Alexander now anticipates that the conglomerate will post earnings per share of $2.68 for the quarter, up from their previous forecast of $2.61. Jefferies Financial Group has a “Hold” rating and a $161.00 price objective on the stock.

3M (NYSE:MMM – Get Rating) last announced its quarterly earnings data on Tuesday, April 26th. The conglomerate reported $2.65 EPS for the quarter, beating the Zacks’ consensus estimate of $2.31 by $0.34. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.75 billion. 3M had a return on equity of 40.84% and a net margin of 16.75%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the company earned $2.77 EPS.

A number of other research analysts have also commented on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on 3M from $167.00 to $164.00 and set a “hold” rating on the stock in a research report on Wednesday. Argus lowered 3M from a “buy” rating to a “hold” rating in a research report on Thursday. Morgan Stanley decreased their price objective on 3M from $150.00 to $145.00 and set an “underweight” rating on the stock in a research report on Thursday, April 7th. UBS Group reduced their price target on 3M from $168.00 to $118.00 and set a “sell” rating on the stock in a research report on Friday, March 11th. Finally, Mizuho reduced their price target on 3M from $180.00 to $170.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 15th. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $164.73.

Shares of MMM opened at $144.21 on Thursday. The firm has a market capitalization of $82.08 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 1.56 and a beta of 0.97. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.15 and a current ratio of 1.70. The business’s fifty day moving average price is $147.73 and its two-hundred day moving average price is $165.64. 3M has a 52 week low of $139.74 and a 52 week high of $208.95.

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

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Beacon Financial Advisory LLC raised its stake in shares of 3M by 6.5% in the 1st quarter. Beacon Financial Advisory LLC now owns 3,937 shares of the conglomerate’s stock valued at $586,000 after purchasing an additional 240 shares during the period. Crewe Advisors LLC increased its position in shares of 3M by 634.8% in the first quarter. Crewe Advisors LLC now owns 2,829 shares of the conglomerate’s stock valued at $421,000 after acquiring an additional 2,444 shares during the last quarter. Galvin Gaustad & Stein LLC increased its position in shares of 3M by 8.1% in the first quarter. Galvin Gaustad & Stein LLC now owns 67,320 shares of the conglomerate’s stock valued at $10,023,000 after acquiring an additional 5,068 shares during the last quarter. Long Run Wealth Advisors LLC acquired a new stake in shares of 3M in the first quarter valued at about $207,000. Finally, Fulton Breakefield Broenniman LLC increased its position in shares of 3M by 4.7% in the first quarter. Fulton Breakefield Broenniman LLC now owns 8,422 shares of the conglomerate’s stock valued at $1,254,000 after acquiring an additional 379 shares during the last quarter. 66.06% of the stock is currently owned by hedge funds and other institutional investors.

About 3M (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.

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