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

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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 -.

3M Stock Up 3.2 %

NYSE:MMM traded up $2.93 during trading hours on Tuesday, hitting $95.09. 8,664,843 shares of the company’s stock traded hands, compared to its average volume of 5,747,660. The firm has a market cap of $52.62 billion, a P/E ratio of -7.67, a P/E/G ratio of 1.74 and a beta of 1.02. 3M has a twelve month low of $71.12 and a twelve month high of $97.84. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock’s fifty day moving average price is $95.73 and its two-hundred day moving average price is $97.49.

3M Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 6.35%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Royal Bank of Canada dropped their target price on 3M from $84.00 to $78.00 and set an underperform rating on the stock in a research report on Tuesday, April 2nd. StockNews.com raised 3M from a buy rating to a strong-buy rating in a research report on Thursday, April 25th. Bank of America dropped their target price on 3M from $110.00 to $100.00 and set a neutral rating on the stock in a research report on Tuesday, April 2nd. Mizuho reaffirmed a neutral rating and issued a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Finally, JPMorgan Chase & Co. dropped their target price on 3M from $118.00 to $110.00 and set a neutral rating on the stock in a research report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, 3M currently has an average rating of Hold and an average price target of $104.00.

Insider Buying and Selling at 3M

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.