Q4 2017 EPS Estimates for 3M Company Lowered by Jefferies Group (MMM)
3M Company (NYSE:MMM) – Research analysts at Jefferies Group lowered their Q4 2017 earnings estimates for shares of 3M in a report released on Wednesday. Jefferies Group analyst L. Alexander now forecasts that the conglomerate will post earnings per share of $1.97 for the quarter, down from their prior estimate of $2.02. Jefferies Group currently has a “Buy” rating and a $262.00 target price on the stock. Jefferies Group also issued estimates for 3M’s FY2018 earnings at $9.80 EPS.
3M (NYSE:MMM) last issued its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.15 earnings per share.
MMM has been the subject of a number of other research reports. Royal Bank of Canada reiterated a “hold” rating and set a $209.00 target price on shares of 3M in a research note on Friday, September 15th. J P Morgan Chase & Co downgraded shares of 3M from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $185.00 to $201.00 in a research note on Wednesday, September 20th. Stifel Nicolaus boosted their target price on shares of 3M from $220.00 to $244.00 and gave the stock a “hold” rating in a research note on Wednesday, October 25th. Morgan Stanley boosted their target price on shares of 3M from $190.00 to $201.00 and gave the stock an “underweight” rating in a research note on Monday, October 2nd. Finally, Bank of America boosted 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. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. 3M presently has an average rating of “Hold” and an average price target of $231.16.
Shares of 3M (NYSE:MMM) traded down $1.03 during mid-day trading on Thursday, hitting $238.08. 1,984,700 shares of the company were exchanged, compared to its average volume of 1,846,779. The company has a current ratio of 2.07, a quick ratio of 1.47 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $142,415.86, a P/E ratio of 26.72, a P/E/G ratio of 2.59 and a beta of 1.10. 3M has a 12-month low of $173.55 and a 12-month high of $244.23.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 12th. Shareholders of record on Friday, November 24th were paid a $0.0118 dividend. The ex-dividend date of this dividend was Wednesday, November 22nd. This represents a $0.05 annualized dividend and a yield of 0.02%. 3M’s dividend payout ratio is presently 52.51%.
In other news, CFO Nicholas C. Gangestad sold 4,004 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.84, for a total value of $936,295.36. Following the completion of the sale, the chief financial officer now directly owns 25,805 shares of the company’s stock, valued at $6,034,241.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Ivan K. Fong sold 2,348 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $233.12, for a total transaction of $547,365.76. Following the completion of the sale, the vice president now directly owns 24,479 shares of the company’s stock, valued at $5,706,544.48. The disclosure for this sale can be found here. Insiders sold 22,804 shares of company stock valued at $5,303,706 in the last 90 days. 0.58% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. MPS Loria Financial Planners LLC purchased a new stake in shares of 3M in the second quarter valued at about $124,000. Hoertkorn Richard Charles purchased a new stake in shares of 3M in the third quarter valued at about $126,000. Proficio Capital Partners LLC raised its holdings in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock valued at $131,000 after buying an additional 404 shares during the last quarter. Harfst & Associates Inc. raised its holdings in shares of 3M by 17.0% in the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock valued at $143,000 after buying an additional 100 shares during the last quarter. Finally, Mascoma Wealth Management LLC raised its holdings in 3M by 87.5% during the third quarter. Mascoma Wealth Management LLC now owns 750 shares of the conglomerate’s stock worth $157,000 after purchasing an additional 350 shares in the last quarter. 66.33% of the stock is owned by institutional investors and hedge funds.
ILLEGAL ACTIVITY NOTICE: “Q4 2017 EPS Estimates for 3M Company Lowered by Jefferies Group (MMM)” was first posted by Daily Political and is the property of of Daily Political. If you are viewing this report on another publication, it was stolen and reposted in violation of international trademark & copyright law. The correct version of this report can be read at https://www.dailypolitical.com/2017/12/15/q4-2017-eps-estimates-for-3m-company-lowered-by-jefferies-group-mmm.html.
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.
Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.