3M (NYSE:MMM – Get Free Report) posted its earnings results on Tuesday. The conglomerate reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.12, Zacks reports. 3M had a net margin of 11.90% and a return on equity of 115.87%.
3M Trading Down 1.6%
NYSE:MMM opened at $162.11 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 0.91 and a debt-to-equity ratio of 3.63. The stock has a market capitalization of $83.60 billion, a PE ratio of 28.79, a price-to-earnings-growth ratio of 2.30 and a beta of 0.99. The firm’s 50 day moving average is $169.59 and its 200 day moving average is $161.52. 3M has a 12 month low of $139.34 and a 12 month high of $184.90.
3M Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Monday, August 24th were paid a dividend of $0.78 per share. The ex-dividend date was Monday, August 24th. This represents a $3.12 annualized dividend and a dividend yield of 1.9%. 3M’s dividend payout ratio (DPR) is presently 55.42%.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the stock. The Goldman Sachs Group reissued a “buy” rating on shares of 3M in a research report on Wednesday, July 22nd. Jefferies Financial Group upped their price objective on shares of 3M from $170.00 to $175.00 and gave the stock a “hold” rating in a research report on Monday, June 29th. Citigroup increased their price objective on shares of 3M from $166.00 to $183.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company assumed coverage on shares of 3M in a research report on Thursday, September 24th. They set an “equal weight” rating and a $195.00 target price on the stock. Finally, Mizuho lifted their target price on shares of 3M from $160.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, 3M presently has an average rating of “Hold” and a consensus target price of $181.71.
Insiders Place Their Bets
In other 3M news, insider Karin Chavez sold 3,635 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $182.51, for a total transaction of $663,423.85. Following the completion of the transaction, the insider directly owned 14,035 shares of the company’s stock, valued at approximately $2,561,527.85. This represents a 20.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.19% of the company’s stock.
3M Company Profile
3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.
The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.
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