3M (NYSE:MMM – Get Free Report) released its earnings results on Tuesday. The conglomerate reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29, Yahoo Finance reports. The firm had revenue of $8 billion for the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. During the same quarter last year, the firm posted $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.
3M Trading Up 3.2 %
Shares of 3M stock traded up $3.10 during trading on Wednesday, hitting $99.61. 3,506,210 shares of the company were exchanged, compared to its average volume of 5,816,368. The firm has a market capitalization of $55.12 billion, a P/E ratio of -7.87, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02. 3M has a 1-year low of $71.12 and a 1-year high of $99.70. The firm’s fifty day moving average price is $95.82 and its 200 day moving average price is $97.54. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.07 and a quick ratio of 0.76.
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 is a positive change from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 annualized dividend and a dividend yield of 6.06%. The ex-dividend date of this dividend was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.
Wall Street Analyst Weigh In
Read Our Latest Research Report on 3M
Insider Transactions at 3M
In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $92.32, for a total transaction of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at approximately $366,141.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate 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.
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