3M (MMM) Issues FY18 Earnings Guidance
3M (NYSE:MMM) issued an update on its FY18 earnings guidance on Tuesday morning. The company provided EPS guidance of $9.60-10.00 for the period, compared to the Thomson Reuters consensus EPS estimate of $9.61. 3M also updated its FY17 guidance to $9.00-9.10 EPS.
Shares of 3M (NYSE:MMM) opened at $239.11 on Thursday. 3M has a 52 week low of $173.55 and a 52 week high of $244.23. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89. The stock has a market cap of $140,908.98, a P/E ratio of 26.43, a price-to-earnings-growth ratio of 2.57 and a beta of 1.10.
3M (NYSE:MMM) last posted its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.12. 3M had a net margin of 17.71% and a return on equity of 48.55%. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same period in the prior year, the company posted $2.15 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. equities analysts anticipate that 3M will post 9.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th were paid a $0.0118 dividend. This represents a $0.05 annualized dividend and a yield of 0.02%. The ex-dividend date was Wednesday, November 22nd. 3M’s dividend payout ratio is presently 52.51%.
Several analysts have issued reports on MMM shares. Bank of America increased their target price on shares of 3M from $227.00 to $257.00 and gave the stock a buy rating in a research note on Wednesday, October 25th. Zacks Investment Research cut shares of 3M from a hold rating to a sell rating in a research note on Tuesday, October 3rd. Argus increased their target price on shares of 3M from $220.00 to $260.00 and gave the stock a buy rating in a research note on Wednesday, October 25th. They noted that the move was a valuation call. Credit Suisse Group reiterated an outperform rating and issued a $237.00 target price (up from $229.00) on shares of 3M in a research note on Wednesday, October 11th. Finally, J P Morgan Chase & Co cut shares of 3M from a neutral rating to an underweight rating and increased their target price for the stock from $185.00 to $201.00 in a research note on Wednesday, September 20th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $231.16.
In related news, insider Frank R. Jr. Little sold 1,500 shares of 3M stock in a transaction on Friday, October 27th. The shares were sold at an average price of $234.47, for a total value of $351,705.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jon T. Lindekugel sold 400 shares of 3M stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $230.06, for a total transaction of $92,024.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,804 shares of company stock worth $5,303,706. 0.58% of the stock is owned by corporate insiders.
3M Company Profile
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, , appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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