Jefferies Group Brokers Raise Earnings Estimates for 3M Co. (MMM)
3M Co. (NYSE:MMM) – Research analysts at Jefferies Group lifted their FY2018 earnings estimates for 3M in a report issued on Tuesday. Jefferies Group analyst L. Alexander now expects that the firm will post earnings per share of $9.75 for the year, up from their prior forecast of $9.55. Jefferies Group has a “Buy” rating on the stock. Jefferies Group also issued estimates for 3M’s FY2020 earnings at $12.25 EPS.
3M (NYSE:MMM) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.01. 3M had a net margin of 16.29% and a return on equity of 41.84%. The company earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same period in the prior year, the business posted $2.02 EPS. The firm’s revenue was down .3% compared to the same quarter last year.
A number of other equities research analysts have also recently commented on MMM. Credit Suisse Group AG restated an “outperform” rating and set a $186.00 target price (up previously from $178.00) on shares of 3M in a research note on Thursday, July 28th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a report on Wednesday. Deutsche Bank AG reaffirmed a “hold” rating and set a $164.00 price objective on shares of 3M in a report on Thursday, August 25th. Morgan Stanley reaffirmed a “sell” rating and set a $168.00 price objective on shares of 3M in a report on Tuesday, August 23rd. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating on shares of 3M in a report on Monday, June 27th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $167.11.
3M (NYSE:MMM) traded down 0.06% during midday trading on Thursday, reaching $171.54. 1,563,721 shares of the company were exchanged. The firm has a market capitalization of $103.68 billion, a PE ratio of 21.89 and a beta of 0.99. The company has a 50-day moving average of $177.64 and a 200 day moving average of $173.10. 3M has a 52 week low of $134.64 and a 52 week high of $182.27.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 2.59%. The ex-dividend date was Wednesday, August 17th. 3M’s payout ratio is 56.63%.
In other news, VP Khandpur K. Ashish sold 1,679 shares of 3M stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the sale, the vice president now directly owns 1,011 shares in the company, valued at $180,352.29. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul A. Keel sold 3,180 shares of 3M stock in a transaction on Friday, July 29th. The stock was sold at an average price of $178.39, for a total value of $567,280.20. Following the sale, the insider now owns 9,961 shares of the company’s stock, valued at $1,776,942.79. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MMM. Vanguard Group Inc. increased its stake in 3M by 2.0% in the second quarter. Vanguard Group Inc. now owns 42,183,048 shares of the company’s stock valued at $7,387,096,000 after buying an additional 822,712 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in 3M by 3.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,477,856 shares of the company’s stock valued at $2,885,602,000 after buying an additional 527,158 shares during the period. FMR LLC increased its stake in 3M by 5.1% in the second quarter. FMR LLC now owns 8,774,300 shares of the company’s stock valued at $1,536,555,000 after buying an additional 425,320 shares during the period. BlackRock Fund Advisors increased its stake in 3M by 1.5% in the second quarter. BlackRock Fund Advisors now owns 8,004,556 shares of the company’s stock valued at $1,401,758,000 after buying an additional 121,033 shares during the period. Finally, BlackRock Group LTD increased its stake in 3M by 9.1% in the second quarter. BlackRock Group LTD now owns 5,446,580 shares of the company’s stock valued at $953,805,000 after buying an additional 453,554 shares during the period. Institutional investors and hedge funds own 65.67% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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