3M (MMM) closed the most recent trading day at $93.46, moving -0.45% from the previous trading session. This change lagged the S&P 500's daily gain of 0.02%. At the same time, the Dow lost 0.2%, and the tech-heavy Nasdaq gained 0.22%.
Prior to today's trading, shares of the maker of Post-it notes, industrial coatings and ceramics had lost 11.07% over the past month. This has lagged the Conglomerates sector's loss of 1.88% and the S&P 500's loss of 2.86% in that time.
Wall Street will be looking for positivity from 3M as it approaches its next earnings report date. On that day, 3M is projected to report earnings of $2.35 per share, which would represent a year-over-year decline of 12.64%. Meanwhile, our latest consensus estimate is calling for revenue of $8.02 billion, down 6.91% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.94 per share and revenue of $31.74 billion, which would represent changes of -11.49% and -7.27%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for 3M. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.09% lower. 3M is currently a Zacks Rank #3 (Hold).
Digging into valuation, 3M currently has a Forward P/E ratio of 10.5. This represents a discount compared to its industry's average Forward P/E of 15.57.
Meanwhile, MMM's PEG ratio is currently 1.46. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Diversified Operations stocks are, on average, holding a PEG ratio of 1.88 based on yesterday's closing prices.
The Diversified Operations industry is part of the Conglomerates sector. This group has a Zacks Industry Rank of 155, putting it in the bottom 39% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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