Q4 2021 EPS Estimates for 3M Reduced by Analyst (NYSE:MMM)

3M (NYSE:MMM) – Equities researchers at William Blair decreased their Q4 2021 earnings per share (EPS) estimates for 3M in a note issued to investors on Monday, September 20th. William Blair analyst N. Heymann now forecasts that the conglomerate will earn $2.22 per share for the quarter, down from their prior estimate of $2.28.

3M (NYSE:MMM) last released its quarterly earnings data on Monday, July 26th. The conglomerate reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.31. The business had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.59 billion. 3M had a net margin of 17.13% and a return on equity of 44.72%. 3M’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.78 EPS.

Several other analysts also recently commented on MMM. Credit Suisse Group downgraded shares of 3M from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $210.00 to $212.00 in a report on Tuesday, July 6th. UBS Group dropped their target price on shares of 3M from $183.00 to $172.00 and set a “sell” rating on the stock in a report on Friday, September 17th. Argus raised their target price on shares of 3M from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, July 28th. They noted that the move was a valuation call. Morgan Stanley lifted their price objective on shares of 3M from $200.00 to $213.00 and gave the company an “equal weight” rating in a report on Wednesday, July 28th. Finally, Wolfe Research downgraded shares of 3M from a “peer perform” rating to an “underperform” rating and lowered their price objective for the company from $218.00 to $215.00 in a report on Monday, July 12th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $196.85.

Shares of MMM stock opened at $181.53 on Wednesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.22 and a current ratio of 1.73. The company has a market capitalization of $105.04 billion, a P/E ratio of 17.85, a price-to-earnings-growth ratio of 1.92 and a beta of 0.96. The company’s 50 day moving average price is $193.94 and its two-hundred day moving average price is $196.32. 3M has a 52 week low of $156.13 and a 52 week high of $208.95.

A number of hedge funds have recently added to or reduced their stakes in MMM. Kornitzer Capital Management Inc. KS boosted its position in shares of 3M by 1.2% in the second quarter. Kornitzer Capital Management Inc. KS now owns 119,687 shares of the conglomerate’s stock valued at $23,773,000 after acquiring an additional 1,410 shares during the period. Mattern Capital Management LLC boosted its position in shares of 3M by 2.6% in the second quarter. Mattern Capital Management LLC now owns 27,904 shares of the conglomerate’s stock valued at $5,543,000 after acquiring an additional 705 shares during the period. Ieq Capital LLC boosted its position in shares of 3M by 29.1% in the second quarter. Ieq Capital LLC now owns 10,157 shares of the conglomerate’s stock valued at $2,017,000 after acquiring an additional 2,287 shares during the period. Hennion & Walsh Asset Management Inc. bought a new stake in shares of 3M in the first quarter valued at about $2,520,000. Finally, Stifel Financial Corp boosted its position in shares of 3M by 7.3% in the first quarter. Stifel Financial Corp now owns 1,889,937 shares of the conglomerate’s stock valued at $364,157,000 after acquiring an additional 128,666 shares during the period. 66.82% of the stock is owned by hedge funds and other institutional investors.

In other 3M news, insider Khandpur K. Ashish sold 6,505 shares of 3M stock in a transaction on Monday, August 9th. The shares were sold at an average price of $196.86, for a total transaction of $1,280,574.30. Following the completion of the transaction, the insider now directly owns 26,855 shares of the company’s stock, valued at $5,286,675.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Denise R. Rutherford sold 3,135 shares of 3M stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $198.17, for a total transaction of $621,262.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,666 shares of company stock worth $4,103,569. 0.34% of the stock is owned by corporate insiders.

The company also recently announced a quarterly dividend, which was paid on Sunday, September 12th. Investors of record on Monday, August 23rd were issued a dividend of $1.48 per share. The ex-dividend date was Friday, August 20th. This represents a $5.92 dividend on an annualized basis and a yield of 3.26%. 3M’s payout ratio is 67.73%.

About 3M

3M Co is a technology company, which manufactures industrial, safety and consumer products. It operates through the following segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules.

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Earnings History and Estimates for 3M (NYSE:MMM)

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