3M (NYSE:MMM – Get Free Report) released its quarterly earnings results on Tuesday. The conglomerate reported $2.39 EPS for the quarter, topping the consensus estimate of $2.10 by $0.29, Yahoo Finance reports. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. During the same period in the previous year, the company posted $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.
3M Trading Up 2.6 %
Shares of NYSE:MMM traded up $2.50 during midday trading on Wednesday, hitting $99.01. The company had a trading volume of 5,761,056 shares, compared to its average volume of 5,845,292. 3M has a 12 month low of $71.12 and a 12 month high of $99.70. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. The stock has a market cap of $54.79 billion, a price-to-earnings ratio of -7.85, a PEG ratio of 1.75 and a beta of 1.02. The firm has a fifty day simple moving average of $95.82 and a 200 day simple moving average of $97.54.
3M Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 6.10%. This is a positive change from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio (DPR) is presently -47.82%.
Wall Street Analyst Weigh In
Get Our Latest Stock Analysis on 3M
Insiders Place Their Bets
In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of 3M stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the sale, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.
About 3M
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.
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