3M (NYSE:MMM) Announces Quarterly Earnings Results

3M (NYSE:MMM) released its quarterly earnings results on Tuesday. The conglomerate reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05, Briefing.com reports. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion for the quarter, compared to analyst estimates of $6.06 billion. During the same quarter in the previous year, the company posted $2.68 EPS. The business’s revenue was down 24.3% on a year-over-year basis.

3M Stock Down 0.1 %

MMM traded down $0.12 during trading on Friday, hitting $126.35. 756,964 shares of the company’s stock were exchanged, compared to its average volume of 4,934,783. The stock has a market cap of $69.41 billion, a P/E ratio of 15.95, a PEG ratio of 2.42 and a beta of 0.95. The business’s 50 day moving average is $133.05 and its two-hundred day moving average is $113.65. 3M has a fifty-two week low of $72.47 and a fifty-two week high of $141.34. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s payout ratio is currently 35.35%.

Insider Activity

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

Analysts Set New Price Targets

Several brokerages recently commented on MMM. Bank of America upped their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Morgan Stanley started coverage on shares of 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a report on Tuesday, July 30th. Finally, StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $135.67.

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.