3M Stocks – $8.41 Billion in Sales Expected for 3M (NYSE:MMM) This Quarter
Wall Street analysts expect that 3M (NYSE:MMM) will post sales of $8.41 billion for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for 3M’s earnings, with the highest sales estimate coming in at $8.86 billion and the lowest estimate coming in at $8.01 billion. 3M posted sales of $7.18 billion during the same quarter last year, which indicates a positive year over year growth rate of 17.1%. The firm is expected to issue its next earnings report before the market opens on Tuesday, July 27th.
According to Zacks, analysts expect that 3M will report full year sales of $34.99 billion for the current year, with estimates ranging from $34.38 billion to $36.14 billion. For the next fiscal year, analysts anticipate that the company will post sales of $36.24 billion, with estimates ranging from $35.51 billion to $37.48 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for 3M.
3M (NYSE:MMM) last issued its quarterly earnings data on Monday, April 26th. The conglomerate reported $2.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.48. 3M had a net margin of 17.34% and a return on equity of 44.00%. The firm had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.43 billion. During the same period in the prior year, the firm earned $2.16 earnings per share. The company’s quarterly revenue was up 9.6% compared to the same quarter last year.
MMM has been the topic of several research analyst reports. Morgan Stanley increased their price target on shares of 3M from $188.00 to $200.00 and gave the company an “equal weight” rating in a research note on Monday, April 12th. Credit Suisse Group decreased their price target on shares of 3M from $213.00 to $210.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 28th. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $206.00 price target on the stock in a research note on Thursday, April 29th. Royal Bank of Canada increased their price target on shares of 3M from $198.00 to $200.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 28th. Finally, Barclays increased their price objective on shares of 3M from $163.00 to $180.00 and gave the company an “underweight” rating in a report on Tuesday, April 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $193.45.
In related news, EVP Kristen M. Ludgate sold 933 shares of the firm’s stock in a transaction on Wednesday, April 21st. The shares were sold at an average price of $200.00, for a total transaction of $186,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Ivan K. Fong sold 12,059 shares of the firm’s stock in a transaction on Friday, April 30th. The stock was sold at an average price of $198.46, for a total transaction of $2,393,229.14. Following the sale, the vice president now owns 47,872 shares in the company, valued at $9,500,677.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,025 shares of company stock worth $2,586,414. Company insiders own 0.34% of the company’s stock.
Several large investors have recently modified their holdings of MMM. Mission Wealth Management LP grew its position in shares of 3M by 0.7% in the 1st quarter. Mission Wealth Management LP now owns 6,733 shares of the conglomerate’s stock valued at $1,297,000 after acquiring an additional 49 shares during the period. St. Johns Investment Management Company LLC grew its position in shares of 3M by 0.8% in the 1st quarter. St. Johns Investment Management Company LLC now owns 6,689 shares of the conglomerate’s stock valued at $1,289,000 after acquiring an additional 51 shares during the period. Cypress Wealth Services LLC grew its position in shares of 3M by 1.8% in the 1st quarter. Cypress Wealth Services LLC now owns 2,863 shares of the conglomerate’s stock valued at $552,000 after acquiring an additional 52 shares during the period. Hubbell Strickland Wealth Management LLC grew its position in shares of 3M by 2.7% in the 1st quarter. Hubbell Strickland Wealth Management LLC now owns 1,985 shares of the conglomerate’s stock valued at $382,000 after acquiring an additional 53 shares during the period. Finally, Hilltop Holdings Inc. grew its position in shares of 3M by 0.6% in the 1st quarter. Hilltop Holdings Inc. now owns 8,567 shares of the conglomerate’s stock valued at $1,651,000 after acquiring an additional 54 shares during the period. Institutional investors and hedge funds own 66.42% of the company’s stock.
MMM opened at $196.91 on Thursday. 3M has a one year low of $148.80 and a one year high of $208.95. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.83 and a quick ratio of 1.30. The firm’s 50 day moving average is $201.02. The company has a market capitalization of $114.14 billion, a PE ratio of 20.09, a P/E/G ratio of 2.18 and a beta of 0.96.
The company also recently announced a quarterly dividend, which was paid on Saturday, June 12th. Shareholders of record on Friday, May 21st were issued a $1.48 dividend. The ex-dividend date of this dividend was Thursday, May 20th. This represents a $5.92 annualized dividend and a yield of 3.01%. 3M’s dividend payout ratio (DPR) is presently 67.73%.
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.
Featured Article: Forex
Get a free copy of the Zacks research report on 3M (MMM)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
NYSE&Symbol=MMM” alt=”Earnings History and Estimates for 3M (NYSE:MMM)” width=”650″ height=”325″/>
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Featured Article: What does it mean to hold a stock in street name?
7 Stocks That Would Make Great Graduation Gifts
Graduations are often seen as an ending. But they also have the potential to be an exciting new beginning. We may be biased, but we believe an ideal way to launch your graduate into the world is by helping them begin their investing education. And one way to help them do that is by having them invest in what they know.
This current crop of graduates has never lived in a world without things like iPhones, the internet, and they were the generation that likely had smartphones when they were in high school. This is a generation that has embraced and demanded relentless technological innovation. And they have rewarded the companies that have delivered.
Now it’s time to reward them, and maybe yourself as well. In this special presentation, we’ll take a look at seven stocks that would make ideal graduation gifts. Each of these stocks has a lesson(s) for graduates to take throughout their lives and careers.
View the “7 Stocks That Would Make Great Graduation Gifts”.
3M Stocks – $8.41 Billion in Sales Expected for 3M (NYSE:MMM) This Quarter
Tags: 3M Stocks