3M (NYSE:MMM) Announces Earnings Results

3M (NYSE:MMM - Get Free Report) released its quarterly earnings results on Tuesday. The conglomerate reported $2.39 earnings per share for the quarter, beating analysts' consensus estimates of $2.10 by $0.29, Yahoo Finance reports. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The business had revenue of $8 billion for the quarter, compared to analysts' expectations of $7.64 billion. During the same period last year, the business earned $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.

3M Stock Performance

Shares of NYSE:MMM traded up $1.91 during trading on Wednesday, hitting $98.42. 11,062,602 shares of the stock traded hands, compared to its average volume of 5,913,986. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. The company has a market cap of $54.46 billion, a price-to-earnings ratio of -7.79, a P/E/G ratio of 1.75 and a beta of 1.02. The company has a fifty day moving average price of $95.96 and a two-hundred day moving average price of $97.55. 3M has a 52-week low of $71.12 and a 52-week high of $99.70.

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.14%. This is a positive change from 3M's previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M's payout ratio is -47.82%.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business's stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the sale, the insider now owns 3,966 shares of the company's stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.38% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MMM. Citigroup raised their price target on shares of 3M from $98.00 to $100.00 and gave the company 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 research note on Thursday, April 25th. Royal Bank of Canada lifted their target price on shares of 3M from $78.00 to $87.00 and gave the stock an "underperform" rating in a research note on Wednesday. Bank of America lowered their target price on shares of 3M from $110.00 to $100.00 and set a "neutral" rating for the company in a research note on Tuesday, April 2nd. Finally, UBS Group lifted their price objective on shares of 3M from $98.00 to $100.00 and gave the company a "neutral" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $103.70.

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.