3M (NYSE:MMM) Releases FY 2024 Earnings Guidance

3M (NYSE:MMM - Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 6.800-7.300 for the period, compared to the consensus earnings per share estimate of 7.000. The company issued revenue guidance of -.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. StockNews.com raised shares of 3M from a buy rating to a strong-buy rating in a research note on Thursday, April 25th. Royal Bank of Canada cut their price target on shares of 3M from $84.00 to $78.00 and set an underperform rating on the stock in a report on Tuesday, April 2nd. Citigroup increased their target price on 3M from $95.31 to $98.00 and gave the stock a neutral rating in a research note on Monday, April 8th. JPMorgan Chase & Co. reduced their target price on shares of 3M from $118.00 to $110.00 and set a neutral rating on the stock in a research report on Wednesday, April 17th. Finally, Barclays lowered their price objective on shares of 3M from $126.00 to $107.00 and set an overweight rating for the company in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, 3M presently has an average rating of Hold and an average target price of $104.00.

3M Stock Performance

3M stock traded up $4.35 during midday trading on Tuesday, hitting $96.51. 16,727,676 shares of the company were exchanged, compared to its average volume of 5,851,908. The firm has a market capitalization of $53.40 billion, a PE ratio of -7.67, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $97.84. The business has a fifty day simple moving average of $95.73 and a two-hundred day simple moving average of $97.49. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.26%. This is an increase from 3M's previous quarterly dividend of $1.50. 3M's dividend payout ratio is -47.82%.

Insider Activity

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.38% of the company's stock.

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.