$8.85 Billion in Sales Expected for 3M (NYSE:MMM) This Quarter

Wall Street brokerages predict that 3M (NYSE:MMMGet Rating) will announce sales of $8.85 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for 3M’s earnings. The lowest sales estimate is $8.78 billion and the highest is $8.96 billion. 3M posted sales of $8.95 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 1.1%. The company is expected to report its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that 3M will report full year sales of $35.93 billion for the current financial year, with estimates ranging from $35.70 billion to $36.25 billion. For the next financial year, analysts forecast that the company will report sales of $36.93 billion, with estimates ranging from $36.80 billion to $37.11 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for 3M.

3M (NYSE:MMMGet Rating) last issued its quarterly earnings data on Tuesday, April 26th. The conglomerate reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.32. 3M had a return on equity of 39.35% and a net margin of 15.84%. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.75 billion. During the same quarter in the prior year, the firm posted $2.77 EPS. The firm’s quarterly revenue was down .6% on a year-over-year basis.

A number of research analysts have issued reports on the company. Argus cut 3M from a “buy” rating to a “hold” rating in a research note on Thursday, April 28th. UBS Group dropped their price objective on 3M from $168.00 to $118.00 and set a “sell” rating for the company in a research note on Friday, March 11th. Wells Fargo & Company decreased their target price on 3M from $184.00 to $173.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 15th. Royal Bank of Canada upped their price objective on 3M from $136.00 to $138.00 and gave the company an “underperform” rating in a research report on Wednesday, April 27th. Finally, Citigroup decreased their price objective on 3M from $157.00 to $151.00 in a research report on Wednesday, April 27th. 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $164.73.

Shares of MMM stock opened at $143.83 on Monday. The firm has a market cap of $81.85 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.43 and a beta of 0.92. 3M has a fifty-two week low of $139.74 and a fifty-two week high of $206.81. The business’s 50 day moving average price is $148.69 and its 200-day moving average price is $161.65. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.00 and a current ratio of 1.58.

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 12th. Shareholders of record on Friday, May 20th will be given a $1.49 dividend. This represents a $5.96 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Thursday, May 19th. 3M’s payout ratio is 62.02%.

In other 3M news, insider Mojdeh Poul sold 1,634 shares of the company’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $151.68, for a total value of $247,845.12. Following the completion of the transaction, the insider now owns 7,637 shares in the company, valued at $1,158,380.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael F. Roman sold 10,610 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $146.21, for a total transaction of $1,551,288.10. Following the completion of the sale, the chief executive officer now directly owns 90,361 shares of the company’s stock, valued at $13,211,681.81. The disclosure for this sale can be found here. 0.34% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in MMM. DB Fitzpatrick & Co Inc purchased a new position in 3M during the fourth quarter worth about $29,000. Ritter Daniher Financial Advisory LLC increased its holdings in 3M by 98.9% in the fourth quarter. Ritter Daniher Financial Advisory LLC now owns 179 shares of the conglomerate’s stock valued at $32,000 after buying an additional 89 shares in the last quarter. Atticus Wealth Management LLC purchased a new position in 3M in the fourth quarter valued at about $36,000. US Asset Management LLC purchased a new position in 3M in the first quarter valued at about $34,000. Finally, Dark Forest Capital Management LP purchased a new position in 3M in the third quarter valued at about $41,000. 67.22% of the stock is owned by institutional investors and hedge funds.

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.

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