Brokerages Expect 3M Company (MMM) Will Announce Quarterly Sales of $7.91 Billion
Equities analysts expect 3M Company (NYSE:MMM) to post $7.91 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for 3M’s earnings, with the highest sales estimate coming in at $8.02 billion and the lowest estimate coming in at $7.81 billion. 3M posted sales of $7.71 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 2.6%. The firm is scheduled to issue its next earnings report before the market opens on Tuesday, October 24th.
On average, analysts expect that 3M will report full year sales of $7.91 billion for the current year, with estimates ranging from $30.73 billion to $31.28 billion. For the next financial year, analysts anticipate that the company will post sales of $32.13 billion per share, with estimates ranging from $31.76 billion to $32.59 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for 3M.
3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). 3M had a return on equity of 47.83% and a net margin of 17.65%. The business had revenue of $7.81 billion during the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter last year, the business posted $2.08 EPS. The company’s quarterly revenue was up 1.9% on a year-over-year basis.
MMM has been the topic of several research analyst reports. BidaskClub cut shares of 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Morgan Stanley reiterated an “underweight” rating and issued a $191.00 price target (down previously from $193.00) on shares of 3M in a research note on Monday, July 10th. Stifel Nicolaus reiterated a “hold” rating and issued a $202.00 price target on shares of 3M in a research note on Wednesday, July 19th. William Blair restated an “outperform” rating on shares of 3M in a research report on Wednesday, July 26th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $209.00 target price (down from $210.00) on shares of 3M in a research report on Wednesday, July 26th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. 3M has a consensus rating of “Hold” and an average price target of $209.77.
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Shares of 3M (MMM) traded up 0.95% during midday trading on Tuesday, hitting $221.32. The company had a trading volume of 1,647,163 shares. The stock has a 50 day moving average price of $212.01 and a 200 day moving average price of $204.96. 3M has a 1-year low of $163.85 and a 1-year high of $221.32. The firm has a market capitalization of $132.08 billion, a P/E ratio of 25.24 and a beta of 1.09.
In other news, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the sale, the insider now owns 5,503 shares in the company, valued at $1,134,498.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total transaction of $560,195.57. Following the completion of the sale, the insider now owns 9,010 shares in the company, valued at approximately $1,856,330.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,112 shares of company stock valued at $1,878,890. Corporate insiders own 0.58% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. MPS Loria Financial Planners LLC acquired a new stake in shares of 3M in the second quarter worth $124,000. Proficio Capital Partners LLC increased its stake in shares of 3M by 156.0% in the first quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after acquiring an additional 404 shares during the period. Jackson Grant Investment Advisers Inc. increased its stake in shares of 3M by 0.6% in the first quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 4 shares during the period. Harfst & Associates Inc. increased its stake in shares of 3M by 17.0% in the second quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after acquiring an additional 100 shares during the period. Finally, One Capital Management LLC acquired a new stake in shares of 3M in the first quarter worth $202,000. Hedge funds and other institutional investors own 66.18% of the company’s stock.
3M Company Profile
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.
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