3M (NYSE:MMM) Releases FY 2024 Earnings Guidance

3M (NYSE:MMM) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 6.800-7.300 for the period, compared to the consensus estimate of 7.000. The company issued revenue guidance of -.

3M Price Performance

NYSE:MMM opened at $92.16 on Tuesday. The stock has a fifty day moving average price of $95.73 and a 200-day moving average price of $97.49. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $95.67.

3M Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 6.55%. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. 3M’s dividend payout ratio is presently -47.82%.

Analyst Ratings Changes

A number of analysts have recently weighed in on MMM shares. Mizuho reiterated a neutral rating and set a $105.00 target price on shares of 3M in a research report on Wednesday, March 27th. Barclays dropped their price objective on 3M from $126.00 to $107.00 and set an overweight rating for the company in a research report on Tuesday, April 2nd. Wells Fargo & Company dropped their price objective on 3M from $112.00 to $105.00 and set an equal weight rating for the company in a research report on Wednesday, January 24th. JPMorgan Chase & Co. dropped their price objective on 3M from $118.00 to $110.00 and set a neutral rating for the company in a research report on Wednesday, April 17th. Finally, StockNews.com upgraded 3M from a buy rating to a strong-buy rating in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $104.00.

Insiders Place Their Bets

In other 3M news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now owns 3,966 shares of the company’s stock, valued at approximately $366,141.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.38% of the company’s stock.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.