FY2019 Earnings Forecast for 3M Co. Issued By Jefferies Group (MMM)
3M Co. (NYSE:MMM) – Stock analysts at Jefferies Group raised their FY2019 EPS estimates for shares of 3M in a report issued on Tuesday. Jefferies Group analyst L. Alexander now anticipates that the firm will post earnings per share of $11.10 for the year, up from their previous estimate of $10.75. Jefferies Group has a “Buy” rating on the stock.
A number of other brokerages have also weighed in on MMM. Credit Suisse Group AG reiterated a “buy” rating on shares of 3M in a research note on Sunday, July 10th. Deutsche Bank AG reiterated a “hold” rating and set a $164.00 target price on shares of 3M in a research note on Thursday, August 25th. Zacks Investment Research lowered shares of 3M from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Sanford C. Bernstein reiterated a “market perform” rating on shares of 3M in a research note on Monday, June 27th. Finally, Morgan Stanley reiterated a “sell” rating and set a $168.00 target price on shares of 3M in a research note on Tuesday, August 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $167.11.
3M (NYSE:MMM) traded up 0.33% during midday trading on Wednesday, reaching $172.24. The company’s stock had a trading volume of 1,682,954 shares. The firm has a 50 day moving average price of $178.07 and a 200 day moving average price of $173.12. 3M has a one year low of $134.64 and a one year high of $182.27. The firm has a market cap of $104.10 billion, a P/E ratio of 21.98 and a beta of 0.99.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The company earned $7.70 billion during the quarter, compared to analyst estimates of $7.73 billion. 3M had a return on equity of 41.84% and a net margin of 16.29%. The firm’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter last year, the company earned $2.02 earnings per share.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capstone Asset Management Co. increased its position in 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock valued at $25,319,000 after buying an additional 2,879 shares during the period. S&CO Inc. boosted its stake in shares of 3M by 1.2% in the second quarter. S&CO Inc. now owns 68,419 shares of the company’s stock valued at $11,982,000 after buying an additional 800 shares in the last quarter. Exxonmobil Investment Management Inc. TX boosted its stake in shares of 3M by 6.6% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 156,997 shares of the company’s stock valued at $27,493,000 after buying an additional 9,685 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of 3M by 9.5% in the first quarter. Pictet Asset Management Ltd. now owns 880,363 shares of the company’s stock valued at $138,103,000 after buying an additional 76,355 shares in the last quarter. Finally, Charter Trust Co. boosted its stake in shares of 3M by 1.0% in the second quarter. Charter Trust Co. now owns 92,631 shares of the company’s stock valued at $16,221,000 after buying an additional 951 shares in the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.
In other 3M news, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul A. Keel sold 3,180 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $567,280.20. Following the transaction, the insider now directly owns 9,961 shares of the company’s stock, valued at approximately $1,776,942.79. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is presently 56.63%.
3M Company Profile
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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