Zacks: Brokerages Expect 3M Co (MMM) Will Post Quarterly Sales of $7.98 Billion

Equities research analysts predict that 3M Co (NYSE:MMM) will announce sales of $7.98 billion for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for 3M’s earnings. The lowest sales estimate is $7.86 billion and the highest is $8.06 billion. 3M reported sales of $7.99 billion in the same quarter last year, which would suggest a negative year over year growth rate of 0.1%. The firm is expected to report its next earnings results on Thursday, January 24th.

On average, analysts expect that 3M will report full year sales of $32.85 billion for the current fiscal year, with estimates ranging from $32.83 billion to $32.88 billion. For the next year, analysts anticipate that the company will report sales of $33.68 billion, with estimates ranging from $33.06 billion to $34.47 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for 3M.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 23rd. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.70 by ($0.12). 3M had a net margin of 13.79% and a return on equity of 54.60%. The company had revenue of $8.15 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same quarter last year, the firm earned $2.33 EPS. 3M’s revenue for the quarter was down .2% on a year-over-year basis.

Several equities analysts have issued reports on the company. Zacks Investment Research upgraded 3M from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. Barclays cut their target price on 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a research note on Monday, November 19th. Royal Bank of Canada dropped their price target on 3M to $223.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 24th. Argus dropped their price target on 3M from $240.00 to $225.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Finally, Deutsche Bank boosted their price target on 3M from $210.00 to $220.00 and gave the stock a “hold” rating in a research note on Friday, September 28th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $225.16.

MMM opened at $208.76 on Tuesday. 3M has a 1 year low of $181.98 and a 1 year high of $259.77. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.36 and a current ratio of 1.97. The stock has a market capitalization of $121.07 billion, a price-to-earnings ratio of 22.77, a P/E/G ratio of 2.05 and a beta of 1.18.

3M announced that its Board of Directors has authorized a share buyback program on Tuesday, November 13th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the conglomerate to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Stockholders of record on Friday, November 23rd will be paid a dividend of $1.36 per share. The ex-dividend date is Wednesday, November 21st. This represents a $5.44 dividend on an annualized basis and a dividend yield of 2.61%. 3M’s payout ratio is 59.32%.

In other news, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $216.00, for a total transaction of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at approximately $1,216,944. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Gregory R. Page bought 1,000 shares of 3M stock in a transaction dated Friday, October 26th. The shares were acquired at an average cost of $184.50 per share, with a total value of $184,500.00. Following the completion of the purchase, the director now owns 1,500 shares in the company, valued at $276,750. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the business. Cadinha & Co. LLC raised its position in 3M by 3.9% in the 2nd quarter. Cadinha & Co. LLC now owns 6,390 shares of the conglomerate’s stock valued at $1,257,000 after purchasing an additional 240 shares in the last quarter. Montecito Bank & Trust raised its position in 3M by 3.8% in the 2nd quarter. Montecito Bank & Trust now owns 6,680 shares of the conglomerate’s stock valued at $1,314,000 after purchasing an additional 242 shares in the last quarter. Trust Department MB Financial Bank N A raised its position in 3M by 12.0% in the 3rd quarter. Trust Department MB Financial Bank N A now owns 2,297 shares of the conglomerate’s stock valued at $484,000 after purchasing an additional 247 shares in the last quarter. REDW Stanley Financial Advisors LLC raised its position in 3M by 8.2% in the 2nd quarter. REDW Stanley Financial Advisors LLC now owns 3,294 shares of the conglomerate’s stock valued at $648,000 after purchasing an additional 250 shares in the last quarter. Finally, Ascension Asset Management LLC raised its position in 3M by 3.3% in the 2nd quarter. Ascension Asset Management LLC now owns 7,775 shares of the conglomerate’s stock valued at $1,529,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 67.00% of the company’s stock.

3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

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

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