3M (NYSE:MMM) Announces Earnings Results, Beats Estimates By $0.05 EPS

3M (NYSE:MMM) issued its quarterly earnings results on Tuesday. The conglomerate reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05, Briefing.com reports. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. 3M had a net margin of 3.08% and a return on equity of 112.92%. 3M’s revenue was down 24.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.68 EPS.

3M Stock Performance

Shares of MMM traded down $2.65 during trading hours on Wednesday, reaching $129.08. 938,757 shares of the company traded hands, compared to its average volume of 4,919,417. The company has a debt-to-equity ratio of 2.95, a quick ratio of 1.08 and a current ratio of 1.36. The stock’s fifty day moving average is $133.03 and its 200 day moving average is $113.46. 3M has a 1-year low of $72.47 and a 1-year high of $141.34. The stock has a market cap of $71.43 billion, a P/E ratio of -10.29, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Monday, August 26th were paid a $0.70 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.80 annualized dividend and a dividend yield of 2.17%. 3M’s payout ratio is -22.01%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MMM. Royal Bank of Canada increased their price objective on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a research report on Monday, July 29th. Barclays lifted their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley began coverage on shares of 3M in a research note on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Melius raised shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 3M from a “hold” rating to a “buy” rating and upped their price target for the company from $110.00 to $150.00 in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $134.20.

Insider Activity at 3M

In other 3M news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at approximately $21,486,484.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares of the company’s stock, valued at $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

3M Company Profile

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.