3M Company (NYSE:MMM) Updates FY17 Earnings Guidance

3M Company (NYSE:MMM) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided EPS guidance of $8.80-9.05 for the period, compared to the Thomson Reuters consensus EPS estimate of $8.98.

Shares of 3M Company (MMM) traded down 0.12% during midday trading on Friday, hitting $205.98. 1,452,811 shares of the company traded hands. The stock’s 50-day moving average is $207.94 and its 200 day moving average is $196.43. 3M Company has a 12-month low of $163.85 and a 12-month high of $214.57. The stock has a market capitalization of $122.92 billion, a P/E ratio of 23.49 and a beta of 1.08.

3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.08 earnings per share. On average, analysts expect that 3M Company will post $8.94 earnings per share for the current year.

MMM has been the topic of a number of research reports. Citigroup Inc. reaffirmed a buy rating and set a $229.00 target price (up previously from $220.00) on shares of 3M in a report on Saturday, June 3rd. BidaskClub lowered 3M from a buy rating to a hold rating in a report on Monday, July 24th. Credit Suisse Group reaffirmed a buy rating on shares of 3M in a report on Thursday, April 27th. Morgan Stanley reaffirmed an underweight rating and set a $191.00 target price (down previously from $193.00) on shares of 3M in a report on Monday, July 10th. Finally, Stifel Nicolaus reaffirmed a hold rating and set a $210.00 target price on shares of 3M in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $203.40.

In related news, VP Marlene Mary Mcgrath sold 14,766 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the transaction, the vice president now owns 24,480 shares in the company, valued at $4,770,662.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.58% of the company’s stock.

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About 3M

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

Earnings History and Estimates for 3M (NYSE:MMM)

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