Zacks: Brokerages Expect 3M (NYSE:MMM) to Post $2.27 EPS

Wall Street analysts expect that 3M (NYSE:MMM) will post earnings per share of $2.27 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for 3M’s earnings, with the highest EPS estimate coming in at $2.34 and the lowest estimate coming in at $2.20. 3M posted earnings of $2.16 per share in the same quarter last year, which suggests a positive year over year growth rate of 5.1%. The company is scheduled to issue its next earnings report on Tuesday, April 27th.

According to Zacks, analysts expect that 3M will report full year earnings of $9.55 per share for the current financial year, with EPS estimates ranging from $9.50 to $9.65. For the next financial year, analysts anticipate that the company will post earnings of $10.42 per share, with EPS estimates ranging from $10.17 to $10.53. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that cover 3M.

3M (NYSE:MMM) last issued its quarterly earnings data on Monday, January 25th. The conglomerate reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.23. The firm had revenue of $8.58 billion during the quarter, compared to analysts’ expectations of $8.39 billion. 3M had a return on equity of 44.77% and a net margin of 15.65%. 3M’s revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.15 earnings per share.

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada reissued a “hold” rating on shares of 3M in a report on Sunday, January 24th. JPMorgan Chase & Co. raised 3M from a “neutral” rating to an “overweight” rating and set a $205.00 price target for the company in a report on Wednesday, January 27th. Bank of America cut 3M from a “neutral” rating to an “underperform” rating and set a $170.00 price target for the company. in a report on Thursday, January 7th. Barclays boosted their price target on 3M from $163.00 to $180.00 and gave the stock an “underweight” rating in a report on Tuesday. Finally, Citigroup boosted their price target on 3M from $185.00 to $188.00 in a report on Wednesday, January 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $184.73.

In other 3M news, EVP Michael G. Vale sold 30,875 shares of 3M stock in a transaction dated Friday, January 29th. The stock was sold at an average price of $175.53, for a total value of $5,419,488.75. Following the completion of the sale, the executive vice president now owns 79,155 shares in the company, valued at approximately $13,894,077.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.42% of the stock is owned by insiders.

Several large investors have recently modified their holdings of MMM. Norges Bank purchased a new stake in shares of 3M during the 4th quarter worth about $490,349,000. BlackRock Inc. grew its holdings in shares of 3M by 6.0% during the 4th quarter. BlackRock Inc. now owns 41,174,440 shares of the conglomerate’s stock worth $7,196,879,000 after purchasing an additional 2,319,000 shares during the period. FMR LLC grew its holdings in shares of 3M by 78.9% during the 4th quarter. FMR LLC now owns 4,656,084 shares of the conglomerate’s stock worth $813,837,000 after purchasing an additional 2,053,818 shares during the period. Morgan Stanley grew its holdings in shares of 3M by 18.9% during the 4th quarter. Morgan Stanley now owns 4,388,511 shares of the conglomerate’s stock worth $767,068,000 after purchasing an additional 697,889 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of 3M by 9.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,768,306 shares of the conglomerate’s stock worth $1,357,820,000 after purchasing an additional 677,445 shares during the period. Institutional investors and hedge funds own 64.68% of the company’s stock.

MMM stock traded up $2.28 during midday trading on Monday, hitting $198.00. 2,159,859 shares of the stock were exchanged, compared to its average volume of 2,801,987. 3M has a fifty-two week low of $131.12 and a fifty-two week high of $198.96. The stock has a market cap of $114.72 billion, a price-to-earnings ratio of 23.21, a PEG ratio of 1.85 and a beta of 0.92. The stock’s 50-day moving average price is $185.71 and its 200-day moving average price is $174.30. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.37 and a current ratio of 1.90.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 12th. Shareholders of record on Friday, February 12th were issued a $1.48 dividend. This is a boost from 3M’s previous quarterly dividend of $1.47. The ex-dividend date of this dividend was Thursday, February 11th. This represents a $5.92 annualized dividend and a yield of 2.99%. 3M’s payout ratio is 65.05%.

3M Company Profile

3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.

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Earnings History and Estimates for 3M (NYSE:MMM)

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