3M

Barclays analyst Julian Mitchell maintains 3M with a Equal-Weight and raises the price target from $110 to $111.

RBC Capital analyst Deane Dray maintains 3M (NYSE:MMM) with a Underperform and lowers the price target from $85 to $84.

3M Sets April 1 As The Date To Spin-off Its Healthcare Business; Says Will Hold 19.9% Minority Stake In Solventum; Expect To Monetize In First 5 Operational Years Of The Company。

By Will Feuer 3M said participation in its $6 billion settlement of allegations that its earplugs caused hearing loss among veterans is on pace to exceed the 98% threshold required by the agreement. Last year, 3M agreed to pay $6 billion, including an option to pay up to $1 billion in stock or cash, to settle the litigation. The manufacturer said Monday it has elected to pay the $1 billion in cash. The company said its settlement has garnered support from more than 250,000 eligible claimants, who have agreed to release their claims as part of their participation in the settlement. Write to Will Feuer at Will.Feuer@wsj.com

3M Delivers Strong Fourth-Quarter Results; Improves Operational Performance and Exceeds Earnings and Cash Flow Expectations PR Newswire ST. PAUL, Minn., Jan. 23, 2024 — Results reflect strong operational execution, progress on restructuring, and spending discipline — Well-positioned to continue improving performance, including continued expansion of adjusted operating margins3 in 2024 — Health Care spin remains on track for first half of 2024 ST. PAUL, Minn., Jan. 23, 2024 /PRNewswire/ — 3M (NYSE: MMM) today reported fourth-quarter and full-year 2023 results and provided its 2024 financial outlook. “The fourth quarter capped a strong year for 3M,” said 3M chairman and CEO Mike Roman. “Throughout 2023, we executed our priorities and delivered on our commitments — including expanding underlying operating margins and cash flow. We initiated actions to restructure our organization and simplify our supply chain, while progressing our Health Care spin and addressing legal matters.” “Our team remains focused on further

3M (NYSE:MMM) reported quarterly earnings of $2.42 per share which beat the analyst consensus estimate of $2.31 by 4.76 percent. This is a 11.01 percent increase over earnings of $2.18 per share from the same period last year. The company reported quarterly sales of $7.69 billion which missed the analyst consensus estimate of $7.70 billion by 0.09 percent. This is a 4.78 percent decrease over sales of $8.08 billion the same period last year.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We adjust our 12-month target to $110 from $100, valuing shares at 11x our 2025 EPS view (initiated at $10.00; 2024 EPS raised to $9.36 from $9.13). We apply a lower multiple than MMM’s five-year forward P/E average of 16x to reflect macro headwinds, as well as litigation risks stemming from safety and environmental issues with multiple 3M products. Despite a beat on Q4 sales and earnings, MMM shares are trading sharply lower, following the company’s softer-than-anticipated 2024 EPS guidance of $9.35-$9.75 (vs. $9.82 consensus). MMM posted adj-EPS of $2.42 vs. $2.18 (+11% Y/Y), $0.11 above consensus. Q4 sales declined by roughly 1%, with organic growth remaining in negative territory (-2% Y/Y). MMM’s 2024 outlook implies muted growth across its businesses, weighed down by expected weakness in

By Tomi Kilgore Results for the fourth quarter beat expectations, amid strength in transportation and electronics business Shares of 3M Co. tanked Tuesday, after the consumer, industrial and healthcare-products company provided a 2024 profit outlook that was well below forecasts, which overshadowed fourth-quarter results that topped expectations. The results come as the maker of Post-it Notes, Scotch tape, N95 masks and Command strips is progressing with the spinoff of its health care business, which is expected to occur in the first half of 2024. The company (MMM) expects 2024 adjusted earnings per share of $9.35 to $9.75, compared with the current FactSet EPS consensus of $9.90. That includes a first-quarter adjusted EPS outlook of $2.00 to $2.15, which is below expectations of $2.22. The outlook reflects the health care business as part of the company for the year, but does not reflect the potential impact of funding for the public

Wells Fargo analyst Joe O’Dea maintains 3M (NYSE:MMM) with a Equal-Weight and lowers the price target from $112 to $105.

3M (NYSE:MMM) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 9.28% Wells Fargo $112 → $105 Maintains Equal-Weight 12/19/2023 16.56% Wells Fargo $100 → $112 Maintains Equal-Weight 12/04/2023 11.36% Barclays $98 → $107 Upgrades Underweight → Equal-Weight 10/25/2023 9.28% JP Morgan $104 → $105 Maintains Neutral 10/25/2023 -13.62% RBC Capital $85 → $83 Maintains Underperform 10/25/2023 0.95% Citigroup $95 → $97 Maintains Neutral 10/25/2023 1.99% Barclays $96 → $98 Maintains Underweight 10/09/2023 -1.13% Citigroup $111 → $95 Maintains Neutral 09/15/2023 13.44% HSBC → $109 Initiates Coverage On → Hold 08/31/2023 17.61% Morgan Stanley $102 → $113 Upgrades Underweight → Equal-Weight 08/29/2023 24.89% Mizuho → $120 Reiterates Neutral → Neutral 08/29/2023 — Wolfe Research Upgrades Underperform → Peer Perform 07/26/2023 6.16% Morgan Stanley $100 → $102 Maintains Underweight 07/26/2023 15.52% Citigroup $100 → $111 Maintains Neutral 07/26/2023 4.08% RBC Capital $95 →

3M (MMM) reported lower fourth-quarter revenue year over year amid softer sales in three of its four business segments while the company’s 2024 earnings outlook fell short of analysts’ estimates at the midpoint of the guidance range. The industrial conglomerate reported sales of $8.01 billion for the three months ended Dec. 31. That’s down from $8.08 billion a year ago but above the average analyst estimate of $7.72 billion on Capital IQ. By segment, sales declined by 2.7% in safety and industrial, by 1.6% in consumer, and marginally in health care. They rose by 1.6% in transformation and electronics. The proposed spinoff of the healthcare business remains on track for the first half of this year, according to 3M. 3M’s shares slumped 11% in Tuesday trade. Adjusted earnings per share rose to $2.42 in the December quarter from $2.18 the year earlier and beat the Street’s view of $2.31. The

By John Keilman 3M is targeting climate technology, industrial automation and next generation electronics as lucrative new businesses for the materials company as it seeks to push past a wave of costly litigation ( “We’re building on our innovation model,” 3M CEO Mike Roman said in an interview. He called out thermal barriers for electric vehicle batteries as one product line that holds particular promise. Roman talked up 3M’s product development as the Minnesota-based materials company’s growth projections failed to impress investors, who sent the stock plunging more than 11% Tuesday. 3M’s 2024 earnings guidance also came in beneath Wall Street expectations. — Roman said revenue will be hindered in 2024 as 3M exits about 5% of its consumer business in areas where it doesn’t see strong growth prospects. He said that will improve revenue and profit margins in the long term. — 3M, which makes thousands of products from