3M (NYSE:MMM – Get Free Report) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $7.00-7.30 for the period, compared to the consensus estimate of $7.20. 3M also updated its FY 2024 guidance to 7.000-7.300 EPS.
Wall Street Analyst Weigh In
MMM has been the subject of a number of analyst reports. StockNews.com initiated coverage on shares of 3M in a research report on Thursday, June 6th. They set a buy rating for the company. Citigroup raised 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, May 1st. Wolfe Research upgraded shares of 3M from a peer perform rating to an outperform rating and set a $125.00 price objective on the stock in a research note on Thursday, June 13th. Barclays lifted their price target on shares of 3M from $118.00 to $120.00 and gave the stock an overweight rating in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company boosted their target price on shares of 3M from $100.00 to $110.00 and gave the company an equal weight rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $112.17.
Check Out Our Latest Stock Analysis on 3M
3M Stock Performance
3M (NYSE:MMM – Get Free Report) last issued its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.27. The firm had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. 3M had a negative net margin of 21.57% and a positive return on equity of 95.80%. During the same quarter in the previous year, the company earned $2.17 EPS. Analysts anticipate that 3M will post 7.17 earnings per share for the current fiscal year.
3M Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Shareholders of record on Friday, May 24th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.20%. The ex-dividend date was Thursday, May 23rd. 3M’s dividend payout ratio (DPR) is presently -22.01%.
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.
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