3M (NYSE:MMM) Announces Quarterly Earnings Results

3M (NYSE:MMM - Get Free Report) issued its quarterly earnings results on Friday. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15, RTT News reports. 3M had a return on equity of 96.19% and a net margin of 17.79%. The firm had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same period last year, the company earned $1.93 earnings per share. The company's revenue was up 1.4% on a year-over-year basis.

3M Stock Performance

Shares of NYSE:MMM traded down $5.23 during mid-day trading on Friday, reaching $153.81. 11,699,665 shares of the company traded hands, compared to its average volume of 3,837,365. The company's 50 day moving average price is $149.91 and its 200-day moving average price is $145.43. The firm has a market cap of $82.78 billion, a PE ratio of 19.42, a PEG ratio of 3.10 and a beta of 1.02. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25. 3M has a 52 week low of $101.77 and a 52 week high of $164.15.

3M Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.90%. 3M's payout ratio is currently 36.87%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Barclays set a $170.00 price target on 3M in a report on Friday. Wells Fargo & Company reiterated an "overweight" rating on shares of 3M in a report on Friday. Royal Bank Of Canada lifted their price objective on 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a report on Wednesday, April 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a report on Saturday, July 12th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $156.33.

Insider Buying and Selling

In related news, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the completion of the transaction, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. The trade was a 19.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Zoe L. Dickson sold 7,915 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $149.02, for a total value of $1,179,493.30. Following the transaction, the executive vice president owned 6,127 shares of the company's stock, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Institutional Trading of 3M

A hedge fund recently raised its stake in 3M stock. Brighton Jones LLC boosted its stake in shares of 3M Company (NYSE:MMM - Free Report) by 26.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 8,898 shares of the conglomerate's stock after buying an additional 1,872 shares during the period. Brighton Jones LLC's holdings in 3M were worth $1,149,000 at the end of the most recent quarter. Institutional investors and hedge funds own 65.25% of the company's stock.

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.