3M (NYSE:MMM) Releases Quarterly Earnings Results, Beats Expectations By $0.29 EPS

3M (NYSE:MMM) issued its quarterly earnings results on Tuesday. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29, Yahoo Finance reports. 3M had a negative net margin of 21.40% and a positive return on equity of 62.45%. The company had revenue of $8 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the company posted $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.

3M Stock Performance

NYSE:MMM traded up $2.80 during mid-day trading on Wednesday, reaching $99.31. 5,472,321 shares of the stock were exchanged, compared to its average volume of 5,845,292. The company has a 50 day simple moving average of $95.82 and a 200-day simple moving average of $97.54. The stock has a market capitalization of $54.95 billion, a P/E ratio of -7.85, a P/E/G ratio of 1.75 and a beta of 1.02. The company has a quick ratio of 0.76, a current ratio of 1.07 and a debt-to-equity ratio of 2.69. 3M has a 1 year low of $71.12 and a 1 year high of $99.70.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 6.08%. The ex-dividend date was Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50. 3M’s dividend payout ratio (DPR) is -47.82%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. StockNews.com upgraded shares of 3M from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 25th. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of 3M in a report on Wednesday, March 27th. UBS Group lifted their price target on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Citigroup boosted their target price on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, Royal Bank of Canada decreased their price target on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $102.60.

Insider Buying and Selling

In related news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’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 transaction of $39,328.32. Following the transaction, the insider now owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.38% of the stock is currently owned by company insiders.

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.