3M (NYSE:MMM – Get Free Report) released its quarterly earnings results on Tuesday. The conglomerate reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.10 by $0.29, Yahoo Finance reports. The business had revenue of $8 billion during the quarter, compared to analyst estimates of $7.64 billion. 3M had a positive return on equity of 95.80% and a negative net margin of 21.57%. During the same period in the prior year, the firm posted $1.97 EPS. 3M updated its FY 2024 guidance to 6.800-7.300 EPS.
3M Stock Performance
Shares of MMM stock traded down $1.31 on Thursday, hitting $97.13. 3,256,212 shares of the stock were exchanged, compared to its average volume of 5,881,417. The company has a current ratio of 1.64, a quick ratio of 0.76 and a debt-to-equity ratio of 4.17. The firm has a market capitalization of $53.75 billion, a PE ratio of -7.67, a P/E/G ratio of 2.13 and a beta of 1.00. 3M has a one year low of $71.12 and a one year high of $99.70. The firm’s 50 day moving average is $95.96 and its two-hundred day moving average is $97.55.
3M Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Friday, February 16th were paid a dividend of $1.51 per share. This is an increase from 3M’s previous quarterly dividend of $1.50. The ex-dividend date was Thursday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 6.22%. 3M’s dividend payout ratio is presently -47.48%.
Analysts Set New Price Targets
Insider Transactions at 3M
In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the stock in a transaction on 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 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 can be accessed through this hyperlink. 0.34% of the stock is owned by corporate insiders.
About 3M
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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