3M Co (NYSE:MMM) – William Blair decreased their Q1 2019 earnings estimates for shares of 3M in a research note issued to investors on Thursday, March 14th. William Blair analyst N. Heymann now forecasts that the conglomerate will post earnings of $2.58 per share for the quarter, down from their prior forecast of $2.63. William Blair also issued estimates for 3M’s Q2 2019 earnings at $2.66 EPS and FY2019 earnings at $10.65 EPS.
Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research note on Wednesday, December 5th. Credit Suisse Group reaffirmed an “outperform” rating and set a $220.00 price target (down from $230.00) on shares of 3M in a research note on Thursday, January 3rd. Royal Bank of Canada reaffirmed a “buy” rating and set a $213.00 price target on shares of 3M in a research note on Wednesday, December 19th. reaffirmed a “sell” rating on shares of 3M in a research note on Tuesday, February 12th. Finally, Barclays lowered their price target on shares of 3M from $195.00 to $190.00 and set an “underweight” rating on the stock in a research note on Monday, November 19th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $214.57.
3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 29th. The conglomerate reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.03. 3M had a net margin of 16.33% and a return on equity of 57.70%. The company had revenue of $7.95 billion for the quarter, compared to analysts’ expectations of $7.87 billion. During the same period in the previous year, the company posted $2.10 EPS. 3M’s revenue was down .6% compared to the same quarter last year.
Several institutional investors have recently added to or reduced their stakes in MMM. BlackRock Inc. lifted its holdings in 3M by 3.0% in the 4th quarter. BlackRock Inc. now owns 39,022,948 shares of the conglomerate’s stock valued at $7,435,433,000 after purchasing an additional 1,152,714 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in 3M by 17,350.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 26,897,007 shares of the conglomerate’s stock valued at $141,000 after purchasing an additional 26,742,875 shares in the last quarter. Northern Trust Corp lifted its holdings in 3M by 2.4% in the 4th quarter. Northern Trust Corp now owns 8,011,899 shares of the conglomerate’s stock valued at $1,526,587,000 after purchasing an additional 186,257 shares in the last quarter. Geode Capital Management LLC lifted its holdings in 3M by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 7,416,248 shares of the conglomerate’s stock valued at $1,410,584,000 after purchasing an additional 353,754 shares in the last quarter. Finally, Norges Bank purchased a new position in 3M in the 4th quarter valued at about $918,305,000. Institutional investors and hedge funds own 67.03% of the company’s stock.
In related news, insider James L. Bauman sold 16,065 shares of the business’s stock in a transaction dated Monday, February 11th. The shares were sold at an average price of $200.24, for a total value of $3,216,855.60. Following the sale, the insider now directly owns 40,468 shares in the company, valued at approximately $8,103,312.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Inge G. Thulin sold 13,499 shares of the business’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $200.00, for a total transaction of $2,699,800.00. Following the completion of the sale, the chairman now owns 230,458 shares in the company, valued at $46,091,600. The disclosure for this sale can be found here. Insiders sold a total of 71,551 shares of company stock worth $14,335,468 over the last quarter. Insiders own 0.72% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Friday, February 15th were given a $1.44 dividend. The ex-dividend date was Thursday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $1.36. This represents a $5.76 annualized dividend and a dividend yield of 2.78%. 3M’s payout ratio is currently 55.07%.
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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