3M (NYSE:MMM) Announces Earnings Results

3M (NYSE:MMM) released its earnings results on Tuesday. The conglomerate reported $1.83 earnings per share for the quarter, meeting the consensus estimate of $1.83, Zacks reports. The company had revenue of $6 billion for the quarter, compared to analysts’ expectations of $6.03 billion. 3M had a return on equity of 98.47% and a net margin of 13.70%.

3M Trading Down 1.8%

3M stock opened at $168.05 on Tuesday. 3M has a one year low of $121.98 and a one year high of $174.69. The company’s fifty day moving average price is $166.12 and its two-hundred day moving average price is $159.62. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.84 and a quick ratio of 1.40. The company has a market capitalization of $89.27 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 2.34 and a beta of 1.09.

3M Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 14th were issued a $0.73 dividend. The ex-dividend date was Friday, November 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.7%. 3M’s dividend payout ratio is currently 46.65%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft cut shares of 3M from a “buy” rating to a “hold” rating and decreased their price target for the stock from $199.00 to $178.00 in a report on Monday, December 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of 3M in a research note on Wednesday, October 8th. Citigroup upped their price target on shares of 3M from $160.00 to $169.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. UBS Group increased their price objective on 3M from $184.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Finally, Royal Bank Of Canada restated an “underperform” rating and issued a $131.00 target price on shares of 3M in a research note on Thursday. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $175.80.

Insider Transactions at 3M

In related news, EVP Mark W. Murphy sold 19,061 shares of the firm’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $166.55, for a total value of $3,174,609.55. Following the transaction, the executive vice president directly owned 6,594 shares of the company’s stock, valued at approximately $1,098,230.70. This trade represents a 74.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Zoe L. Dickson sold 13,826 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $169.78, for a total value of $2,347,378.28. Following the completion of the sale, the executive vice president owned 6,162 shares of the company’s stock, valued at approximately $1,046,184.36. This trade represents a 69.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 46,516 shares of company stock valued at $7,836,465 in the last ninety days. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On 3M

A number of institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC boosted its holdings in shares of 3M by 4.5% during the 3rd quarter. NewEdge Advisors LLC now owns 50,066 shares of the conglomerate’s stock worth $7,769,000 after buying an additional 2,153 shares during the period. Integrated Wealth Concepts LLC raised its holdings in 3M by 11.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 35,915 shares of the conglomerate’s stock worth $5,573,000 after acquiring an additional 3,604 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its position in 3M by 11.4% during the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 21,606 shares of the conglomerate’s stock worth $3,289,000 after acquiring an additional 2,203 shares during the last quarter. Horizon Investments LLC boosted its holdings in 3M by 6.2% during the third quarter. Horizon Investments LLC now owns 12,357 shares of the conglomerate’s stock valued at $1,918,000 after acquiring an additional 722 shares during the period. Finally, Morse Asset Management Inc grew its position in shares of 3M by 1.8% in the second quarter. Morse Asset Management Inc now owns 10,301 shares of the conglomerate’s stock valued at $1,568,000 after purchasing an additional 185 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

About 3M

3M Company, originally founded in 1902 as the Minnesota Mining and Manufacturing Company, is a diversified global technology and manufacturing firm headquartered in St. Paul, Minnesota. Over its history the company has expanded from mineral mining into a broad portfolio of industrial, safety, healthcare and consumer products, building a reputation for applied science and product innovation across many end markets.

3M’s businesses span a wide range of product categories including adhesives and tapes, abrasives, filtration and separation technologies, personal protective equipment such as respirators, medical and dental products, industrial and automotive solutions, and a suite of consumer brands (for example, well-known office and home products).