3M (NYSE:MMM) to Post Q4 2022 Earnings of $2.46 Per Share, Jefferies Financial Group Forecasts

3M (NYSE:MMM – Get Rating) – Jefferies Financial Group cut their Q4 2022 EPS estimates for 3M in a research note issued to investors on Wednesday, July 27th. Jefferies Financial Group analyst L. Alexander now forecasts that the conglomerate will post earnings per share of $2.46 for the quarter, down from their prior forecast of $2.95. The consensus estimate for 3M’s current full-year earnings is $10.53 per share.

A number of other research analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of 3M from $146.00 to $148.00 and gave the company a “hold” rating in a report on Wednesday. Morgan Stanley lifted their price objective on shares of 3M from $126.00 to $131.00 and gave the company an “underweight” rating in a report on Wednesday. Citigroup lifted their price objective on shares of 3M from $136.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday. UBS Group began coverage on shares of 3M in a report on Tuesday. They issued a “reduce” rating for the company. Finally, TheStreet cut shares of 3M from a “b-” rating to a “c+” rating in a report on Wednesday, June 29th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, 3M presently has a consensus rating of “Hold” and a consensus price target of $152.00.

3M Price Performance

Shares of MMM opened at $143.24 on Friday. 3M has a 1-year low of $125.60 and a 1-year high of $202.77. The stock has a market cap of $81.51 billion, a PE ratio of 14.91, a P/E/G ratio of 1.34 and a beta of 0.95. The firm has a 50-day simple moving average of $136.32 and a two-hundred day simple moving average of $147.58. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.58 and a quick ratio of 1.00.

3M (NYSE:MMM – Get Rating) last announced its quarterly earnings results on Tuesday, July 26th. The conglomerate reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.01. 3M had a net margin of 15.84% and a return on equity of 39.35%. The business had revenue of $8.70 billion during the quarter, compared to analysts’ expectations of $8.70 billion. During the same period last year, the business earned $2.59 earnings per share. The business’s revenue for the quarter was down 2.2% on a year-over-year basis.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 12th. Investors of record on Friday, May 20th were given a $1.49 dividend. The ex-dividend date of this dividend was Thursday, May 19th. This represents a $5.96 annualized dividend and a yield of 4.16%. 3M’s dividend payout ratio (DPR) is 62.02%.

Insider Activity at 3M

In related 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 sale, the insider now owns 7,637 shares in the company, valued at approximately $1,158,380.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other 3M news, insider Mojdeh Poul sold 1,634 shares of the business’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 transaction, the insider now directly owns 7,637 shares of the company’s stock, valued at approximately $1,158,380.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael F. Roman sold 10,610 shares of the company’s stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $146.21, for a total transaction of $1,551,288.10. Following the transaction, the chief executive officer now directly owns 90,361 shares in the company, valued at $13,211,681.81. The disclosure for this sale can be found here. 0.39% of the stock is owned by insiders.

Institutional Investors Weigh In On 3M

A number of large investors have recently added to or reduced their stakes in the business. Landmark Wealth Management LLC purchased a new position in 3M in the 1st quarter valued at about $25,000. DB Fitzpatrick & Co Inc purchased a new position in 3M in the 4th quarter valued at about $29,000. Ritter Daniher Financial Advisory LLC lifted its holdings in 3M by 98.9% in the 4th quarter. Ritter Daniher Financial Advisory LLC now owns 179 shares of the conglomerate’s stock valued at $32,000 after purchasing an additional 89 shares in the last quarter. US Asset Management LLC purchased a new position in 3M in the 1st quarter valued at about $34,000. Finally, First Quadrant LLC CA purchased a new position in 3M in the 1st quarter valued at about $34,000. 67.22% of the stock is owned by institutional investors and hedge funds.

3M Company Profile

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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.