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3M (MMM) Ascends While Market Falls: Some Facts to Note
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The latest trading session saw 3M (MMM - Free Report) ending at $104.64, denoting a +1.29% adjustment from its last day's close. The stock outpaced the S&P 500's daily loss of 1.39%. Meanwhile, the Dow experienced a rise of 0.6%, and the technology-dominated Nasdaq saw a decrease of 2.77%.
The maker of Post-it notes, industrial coatings and ceramics's shares have seen an increase of 2.52% over the last month, surpassing the Conglomerates sector's loss of 3.17% and falling behind the S&P 500's gain of 4.43%.
The investment community will be closely monitoring the performance of 3M in its forthcoming earnings report. The company is scheduled to release its earnings on July 26, 2024. On that day, 3M is projected to report earnings of $1.66 per share, which would represent a year-over-year decline of 23.5%. Alongside, our most recent consensus estimate is anticipating revenue of $5.89 billion, indicating a 29.31% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $7.17 per share and revenue of $23.41 billion, indicating changes of -22.4% and -28.37%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for 3M. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 1.17% higher within the past month. 3M is currently a Zacks Rank #3 (Hold).
Looking at its valuation, 3M is holding a Forward P/E ratio of 14.4. This indicates a discount in contrast to its industry's Forward P/E of 18.76.
It's also important to note that MMM currently trades at a PEG ratio of 1.92. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Diversified Operations industry was having an average PEG ratio of 1.85.
The Diversified Operations industry is part of the Conglomerates sector. At present, this industry carries a Zacks Industry Rank of 31, placing it within the top 13% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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3M (MMM) Ascends While Market Falls: Some Facts to Note
The latest trading session saw 3M (MMM - Free Report) ending at $104.64, denoting a +1.29% adjustment from its last day's close. The stock outpaced the S&P 500's daily loss of 1.39%. Meanwhile, the Dow experienced a rise of 0.6%, and the technology-dominated Nasdaq saw a decrease of 2.77%.
The maker of Post-it notes, industrial coatings and ceramics's shares have seen an increase of 2.52% over the last month, surpassing the Conglomerates sector's loss of 3.17% and falling behind the S&P 500's gain of 4.43%.
The investment community will be closely monitoring the performance of 3M in its forthcoming earnings report. The company is scheduled to release its earnings on July 26, 2024. On that day, 3M is projected to report earnings of $1.66 per share, which would represent a year-over-year decline of 23.5%. Alongside, our most recent consensus estimate is anticipating revenue of $5.89 billion, indicating a 29.31% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $7.17 per share and revenue of $23.41 billion, indicating changes of -22.4% and -28.37%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for 3M. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 1.17% higher within the past month. 3M is currently a Zacks Rank #3 (Hold).
Looking at its valuation, 3M is holding a Forward P/E ratio of 14.4. This indicates a discount in contrast to its industry's Forward P/E of 18.76.
It's also important to note that MMM currently trades at a PEG ratio of 1.92. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Diversified Operations industry was having an average PEG ratio of 1.85.
The Diversified Operations industry is part of the Conglomerates sector. At present, this industry carries a Zacks Industry Rank of 31, placing it within the top 13% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.