Zacks: Analysts Anticipate 3M Co (MMM) Will Announce Earnings of $2.73 Per Share
Wall Street brokerages expect 3M Co (NYSE:MMM) to announce earnings per share (EPS) of $2.73 for the current quarter, Zacks reports. Three analysts have issued estimates for 3M’s earnings, with the lowest EPS estimate coming in at $2.66 and the highest estimate coming in at $2.80. 3M reported earnings of $2.33 per share during the same quarter last year, which indicates a positive year over year growth rate of 17.2%. The firm is scheduled to report its next earnings report on Tuesday, October 23rd.
According to Zacks, analysts expect that 3M will report full year earnings of $10.37 per share for the current year, with EPS estimates ranging from $10.33 to $10.44. For the next financial year, analysts forecast that the company will report earnings of $11.25 per share, with EPS estimates ranging from $10.95 to $11.58. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow 3M.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 24th. The conglomerate reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.58 by $0.01. The business had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.36 billion. 3M had a net margin of 13.44% and a return on equity of 51.31%. The business’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the company earned $2.58 EPS.
In other 3M news, insider Eric D. Hammes sold 1,272 shares of 3M stock in a transaction on Monday, September 10th. The shares were sold at an average price of $216.00, for a total transaction of $274,752.00. Following the sale, the insider now owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jon T. Lindekugel sold 6,410 shares of 3M stock in a transaction on Friday, August 10th. The stock was sold at an average price of $203.01, for a total transaction of $1,301,294.10. The disclosure for this sale can be found here. Insiders own 0.58% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in shares of 3M by 0.8% during the 1st quarter. BlackRock Inc. now owns 39,148,990 shares of the conglomerate’s stock worth $8,593,985,000 after acquiring an additional 320,406 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of 3M by 2.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 11,377,995 shares of the conglomerate’s stock worth $2,238,278,000 after acquiring an additional 257,182 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of 3M by 8.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,727,135 shares of the conglomerate’s stock worth $1,323,362,000 after acquiring an additional 537,325 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in shares of 3M by 5.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 3,839,336 shares of the conglomerate’s stock worth $755,275,000 after acquiring an additional 194,950 shares during the period. Finally, Morgan Stanley raised its holdings in shares of 3M by 17.3% during the 2nd quarter. Morgan Stanley now owns 3,612,642 shares of the conglomerate’s stock worth $710,678,000 after acquiring an additional 534,001 shares during the period. 66.29% of the stock is currently owned by institutional investors.
Shares of NYSE MMM opened at $209.05 on Tuesday. The company has a market cap of $121.26 billion, a PE ratio of 21.71, a PEG ratio of 1.96 and a beta of 1.16. 3M has a 12 month low of $190.57 and a 12 month high of $259.77. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.08 and a current ratio of 1.56.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 12th. Shareholders of record on Friday, August 24th were paid a dividend of $1.36 per share. The ex-dividend date of this dividend was Thursday, August 23rd. This represents a $5.44 annualized dividend and a yield of 2.60%. 3M’s dividend payout ratio (DPR) is presently 59.32%.
3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.
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