3M (MMM) Climbs, but Lags Behind Market: Key Points to Consider

In the latest trading session, 3M (MMM) closed at $92.98, marking a +0.38% move from the previous day. The stock’s performance was behind the S&P 500’s daily gain of 1.2%. Meanwhile, the Dow experienced a rise of 0.69%, and the technology-dominated Nasdaq saw an increase of 1.59%.

The stock of the maker of Post-it notes, industrial coatings, and ceramics has fallen by 11.66% in the past month, lagging the Conglomerates sector’s loss of 9.82% and the S&P 500’s loss of 4.16%.

Investors are eagerly awaiting the upcoming earnings release of 3M, scheduled for April 30, 2024. Analysts predict an EPS of $1.93, a 2.03% decline from the same quarter last year, with quarterly revenue expected to be $7.64 billion, down 4.83% year-over-year.

The Zacks Consensus Estimates for the full year forecast earnings of $7.87 per share and revenue of $32.21 billion, representing year-over-year changes of -14.83% and -1.43%, respectively.

Recent changes to analyst estimates for 3M reflect shifting business dynamics, with upward revisions indicating positivity towards the company’s operations and profit potential.

3M currently holds a Zacks Rank of #3 (Hold) and boasts a Forward P/E ratio of 11.77, trading at a discount to its industry average. The company’s PEG ratio of 1.83 also suggests potential for earnings growth.

The Diversified Operations industry, to which 3M belongs, has a Zacks Industry Rank of 181, placing it in the bottom 29% of all industries. Investors can find more information on these metrics and others on Zacks.com.