Wall Street analysts expect 3M Co (NYSE:MMM) to report $8.19 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for 3M’s earnings, with the lowest sales estimate coming in at $8.13 billion and the highest estimate coming in at $8.26 billion. 3M posted sales of $8.15 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.5%. The company is scheduled to announce its next quarterly earnings report on Tuesday, October 22nd.
According to Zacks, analysts expect that 3M will report full-year sales of $32.19 billion for the current year, with estimates ranging from $31.75 billion to $32.36 billion. For the next financial year, analysts anticipate that the company will post sales of $33.23 billion, with estimates ranging from $32.90 billion to $33.77 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover 3M.
3M (NYSE:MMM) last issued its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.16. 3M had a return on equity of 55.05% and a net margin of 15.27%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period last year, the company earned $2.59 earnings per share. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis.
A number of equities research analysts have recently commented on MMM shares. Barclays reiterated a “sell” rating and set a $162.00 price target on shares of 3M in a report on Thursday, June 6th. Morgan Stanley raised their target price on shares of 3M from $172.00 to $177.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Deutsche Bank dropped their target price on shares of 3M from $188.00 to $183.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Wolfe Research set a $174.00 target price on shares of 3M and gave the stock a “sell” rating in a report on Friday, April 26th. Finally, Gordon Haskett cut shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 target price on the stock. in a report on Monday, April 29th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $182.54.
In other news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total transaction of $177,216.00. Following the transaction, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.83% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Lederer & Associates Investment Counsel CA increased its holdings in 3M by 2.1% in the 1st quarter. Lederer & Associates Investment Counsel CA now owns 2,410 shares of the conglomerate’s stock valued at $501,000 after acquiring an additional 50 shares during the last quarter. Shine Investment Advisory Services Inc. increased its holdings in 3M by 35.2% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 192 shares of the conglomerate’s stock valued at $40,000 after acquiring an additional 50 shares during the last quarter. Peoples Financial Services CORP. increased its holdings in shares of 3M by 0.3% in the 1st quarter. Peoples Financial Services CORP. now owns 16,027 shares of the conglomerate’s stock worth $3,330,000 after buying an additional 50 shares during the last quarter. Bfsg LLC increased its holdings in shares of 3M by 0.4% in the 1st quarter. Bfsg LLC now owns 14,084 shares of the conglomerate’s stock worth $2,926,000 after buying an additional 55 shares during the last quarter. Finally, Nwam LLC increased its holdings in shares of 3M by 1.0% in the 1st quarter. Nwam LLC now owns 5,853 shares of the conglomerate’s stock worth $1,216,000 after buying an additional 57 shares during the last quarter. Institutional investors and hedge funds own 67.55% of the company’s stock.
Shares of NYSE:MMM traded up $3.77 during trading on Tuesday, reaching $160.61. 188,933 shares of the stock traded hands, compared to its average volume of 3,058,725. The stock has a 50-day moving average of $170.87 and a two-hundred day moving average of $187.50. 3M has a 52-week low of $155.63 and a 52-week high of $219.75. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.34 and a current ratio of 1.93. The stock has a market cap of $91.31 billion, a P/E ratio of 15.35, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Stockholders of record on Friday, August 16th will be paid a dividend of $1.44 per share. This represents a $5.76 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, August 15th. 3M’s dividend payout ratio is presently 55.07%.
3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
Featured Story: Convertible Shares
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.