3M (NYSE:MMM – Get Free Report) announced its quarterly earnings data on Tuesday. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.29, Yahoo Finance reports. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the previous year, the company earned $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.
3M Price Performance
Shares of NYSE:MMM opened at $97.43 on Thursday. The company has a quick ratio of 0.76, a current ratio of 1.64 and a debt-to-equity ratio of 4.17. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $99.70. The firm has a 50-day simple moving average of $95.96 and a 200 day simple moving average of $97.55. The company has a market cap of $53.91 billion, a PE ratio of -7.74, a P/E/G ratio of 2.13 and a beta of 1.00.
3M Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.20%. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio is currently -47.48%.
Insiders Place Their Bets
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on MMM shares. Bank of America decreased their price target on shares of 3M from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Tuesday, April 2nd. Royal Bank of Canada upped their price target on shares of 3M from $78.00 to $87.00 and gave the stock an “underperform” rating in a research report on Wednesday. Citigroup boosted their price objective on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 25th. Finally, Mizuho reiterated a “neutral” rating and issued a $105.00 price objective on shares of 3M in a report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.70.
View Our Latest Stock Report on MMM
About 3M
3M Company provides diversified technology services in the United States and internationally. The company's 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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