FY2017 EPS Estimates for 3M Co. (MMM) Lowered by Jefferies Group
3M Co. (NYSE:MMM) – Stock analysts at Jefferies Group reduced their FY2017 EPS estimates for 3M in a research note issued on Monday. Jefferies Group analyst L. Alexander now anticipates that the firm will post earnings per share of $8.60 for the year, down from their previous forecast of $8.70. Jefferies Group currently has a “Buy” rating and a $210.00 target price on the stock. Jefferies Group also issued estimates for 3M’s FY2018 earnings at $9.60 EPS, FY2019 earnings at $10.85 EPS and FY2020 earnings at $11.65 EPS.
A number of other equities analysts have also recently commented on MMM. Morgan Stanley reissued a “sell” rating and set a $168.00 price target on shares of 3M in a report on Tuesday, August 23rd. Deutsche Bank AG reissued a “hold” rating and set a $164.00 price target on shares of 3M in a report on Thursday, August 25th. Credit Suisse Group AG boosted their price target on 3M from $186.00 to $195.00 and gave the stock an “outperform” rating in a report on Wednesday, September 7th. Zacks Investment Research cut 3M from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. Finally, Barclays PLC raised 3M from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $171.00 to $194.00 in a report on Monday, October 24th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $170.80.
3M (NYSE:MMM) traded up 0.31% during trading on Tuesday, reaching $173.04. The company’s stock had a trading volume of 642,500 shares. The firm has a 50 day moving average price of $170.04 and a 200-day moving average price of $173.87. 3M has a 52-week low of $134.64 and a 52-week high of $182.27. The stock has a market cap of $104.08 billion, a price-to-earnings ratio of 21.82 and a beta of 1.04.
3M (NYSE:MMM) last released its earnings results on Tuesday, October 25th. The company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.01. 3M had a return on equity of 42.27% and a net margin of 16.40%. The firm had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.72 billion. During the same quarter in the prior year, the firm posted $2.05 earnings per share. The company’s quarterly revenue was up .0% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 18th will be paid a $1.11 dividend. This represents a $4.44 annualized dividend and a dividend yield of 2.57%. The ex-dividend date is Wednesday, November 16th. 3M’s dividend payout ratio (DPR) is presently 55.92%.
In other news, VP Eric D. Hammes sold 504 shares of the stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $173.69, for a total value of $87,539.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Julie L. Bushman sold 10,771 shares of the stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $166.71, for a total value of $1,795,633.41. Following the completion of the sale, the insider now directly owns 34,093 shares of the company’s stock, valued at $5,683,644.03. The disclosure for this sale can be found here. 0.58% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Joel Isaacson & Co. LLC increased its stake in shares of 3M by 84.3% in the second quarter. Joel Isaacson & Co. LLC now owns 7,573 shares of the company’s stock valued at $1,326,000 after buying an additional 3,464 shares during the period. Retirement Systems of Alabama increased its stake in shares of 3M by 21.8% in the second quarter. Retirement Systems of Alabama now owns 481,728 shares of the company’s stock worth $84,360,000 after buying an additional 86,323 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of 3M by 2.0% in the second quarter. Capstone Asset Management Co. now owns 144,584 shares of the company’s stock worth $25,319,000 after buying an additional 2,879 shares during the last quarter. S&CO Inc. increased 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 worth $11,982,000 after buying an additional 800 shares during the last quarter. Finally, CIBC World Markets Inc. increased its stake in shares of 3M by 5.1% in the second quarter. CIBC World Markets Inc. now owns 81,913 shares of the company’s stock worth $14,345,000 after buying an additional 3,988 shares during the last quarter. 63.36% of the stock is owned by hedge funds and other institutional investors.
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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