In this article I will recap the historical results of the company, its latest EPS estimates vs. surprises, the latest news from MMM and the news from its closest competitors.
Recent EPS Actuals vs. Estimates
The company has met or beaten analysts' estimates in the last two quarters. In the last quarter it reported $1.59 EPS, beating analyst estimates of $1.49.
The consensus EPS estimate is $1.65 based on 15 analysts' estimates, up from $1.60 a year ago. Revenue estimates are $7.79B, up from $7.68B a year ago. The median target price by analysts for the stock is $95.00.
Average recommendation: Overweight
- On July 19, 2012, 3M Company and Ivoclar Vivadent announced that they have settled their respective lawsuits in Germany and the U.S. The Ivoclar Vivadent suits alleged that 3M FiltekTM composite dental restoratives infringed its patents.
- On June 21, 2012, Federal Signal Corporation announced that it has signed a definitive agreement to sell its Federal Signal Technologies, LLC business to 3M Company for $110 million in cash.
- On May 8, 2012, 3M Company announced that the Board of Directors elected Inge G. Thulin chairman of the Board, effective immediately. Thulin serves as president and CEO. He succeeds George W. Buckley who will retire from 3M on June 1, as previously announced.
- On April 24, 2012, 3M Company updated fiscal 2012 guidance and now expects earnings to be in the range of $6.35-$6.50 per share versus a previous expected range of $6.25 to $6.50 per share.
- On April 10, 2012, 3M Company announced that it has acquired CodeRyte Inc., clinical natural language processing (NLP) technology and computer-assisted coding solutions for healthcare outpatient providers.
- On February 8, 2012, 3M Company announced that the Board of Directors of the Company declared a dividend on the Company's common stock of $0.59 per share for the first quarter of 2012, a 7% increase over the quarterly dividend paid in 2011.
- On February 8, 2012, Reuters reported that 3M Company's Chief Operating Officer (COO), will take over for George Buckley as Chief Executive on February 24 in a move that signals the Company's desire to stick to its strategic course even as there is a change in leadership.
- On February 3, 2012, 3M Company announced that with respect to the case concerning 3M's decision to cease its support for BacLite, a product it acquired from Acolyte Biomedica Limited in 2007, the London High Court reaffirmed a decision, dated November 7, 2011, that Porton will receive $1.3 million in damages.
- On January 26, 2012, 3M Company affirmed its fiscal 2012 performance expectations. The Company expects earnings to be in the range of $6.25 to $6.50 per share (EPS) with organic sales volume growth of 2% to 5%. The Company reported revenue of $29.611 billion in fiscal 2011.
E. I. du Pont de Nemours and Company (DD), Dow Chemical Company (DOW), General Electric (GE), Johnson & Johnson (JNJ), and Siemens (SI) are considered competitors for 3M and the table below provides the key metrics for these companies and the industry.
The chart below compares the stock price changes as a percentage for the selected companies for the last one year period.
Competitors' Latest Development
- On July 20, 2012, General Electric Co announced it has signed a more than USD600 million, 22-year contractual services agreement (CSA) with Chevron Australia Pty LTD to maintain the compression trains, power generation and associated equipment that will be at the heart of the Chevron-operated Gorgon Project off the northwestern coast of Australia.
- On July 20, 2012, General Electric Co announced that it is confident in double-digit EPS growth expectations for fiscal 2012. The Company reported EPS of $1.37 in fiscal 2011.
- On July 20, 2012, General Electric Co announced that it will reorganize its Energy business into three standalone businesses effective in the fourth quarter of 2012. The Energy headquarters organizational layer will be phased out by the end of 2012.
- On July 20, 2012, Reuters reported that Siemens AG is set to offer around EUR1.3 billion ($1.6 billion) for Ansaldo Energia to extend its reach in the gas turbines market.
- On July 19, 2012, DONG Energy A/S announced that it has signed a framework agreement with Siemens AG's Siemens Energy on the supply and servicing of a total of 300 offshore wind turbines of six megawatt each, giving a total capacity of 1,800 megawatt.
- On July 17, 2012, General Electric Co's GE Healthcare announced the final results from a phase 3 study of the investigational PET amyloid imaging agent. [18F]flutemetamol in terminally ill patients who had agreed to undergo postmortem brain autopsy.1 The data showed concordance (sensitivity and specificity) between [18F]flutemetamol PET images and beta amyloid brain histopathology.
- On July 17, 2012, Johnson & Johnson adjusted earnings guidance for fiscal 2012 to $5.00-$5.07 per share. The Company's guidance excludes the impact of special items and reflects the negative impact of recent currency movements, partially offset by the positive contribution from the Synthes acquisition.
- On July 17, 2012, Wi-LAN Inc. announced that it has acquired a global portfolio of more than 40 patents and applications from Siemens AG related to telecommunication network management and mobile multimedia.
- On July 16, 2012, General Electric Co's GE Aviation announced that they signed an agreement with The Boeing Company potentially worth up to $180 million to provide the mission control system for the U.S. Air Force's KC-46A tanker.
- On July 16, 2012, Johnson & Johnson announced that its Board of Directors has declared a cash dividend for the third quarter of 2012 of $0.61 per share on the Company's common stock.
- On July 14, 2012, Reuters reported that General Electric Co Secured a medical equipment deal with two hospitals in Myanmar on July, 14 2012, becoming the first U.S. company to restart business in the long-isolated country since Washington eased sanctions that week.
- On July 12, 2012, E. I. du Pont de Nemours and Co and Fiber-Line Inc. announced that they are collaborating to bring a new protective solution to better connect the world.
- On July 10, 2012, Dow Jones reported that General Electric Co plans to spend an additional $70 million to expand its advanced battery factory in upstate New York. The plant, located in Schenectady, N.Y., produces GE's Durathon battery products, which are half the size of conventional lead-acid batteries but last about 10 times longer.
- On July 10, 2012, Mitsubishi Heavy Industries, Ltd. announced that the judgment of the lawsuit, which the Company filed against General Electric, for patent infringement on wind turbine technology, on May 21, 2010.
- On July 10, 2012, Reuters reported that opening arguments were underway in a potentially pivotal legal battle between agricultural giants Monsanto and E. I. du Pont de Nemours and Co over Monsanto's control of a seed technology worth billions of dollars.
- On July 9, 2012, Reuters reported that Bayer AG and Johnson & Johnson's anti-blood-clotting pill Xarelto won priority review status from the U.S. Food and Drug Administration for the treatment of deep vein thrombosis and pulmonary embolism.
- On July 9, 2012, Duro Felguera SA announced its participation in collaboration with General Electric Co and a local entity Fainser in a turn-key project to build a gas-turbine electric power plant in Vuelta de Obligado, Argentina.
- On July 6, 2012, E. I. du Pont de Nemours and Co announced that in a ruling favoring Danisco, on June 29, the Technical Board of Appeal at the European Patent Office (EPO) revoked Novozymes' animal feed enzyme patent, European Patent 1,804,592 (EP'592), in entirety throughout Europe.
- On July 5, 2012, Areva SA announced that the International Court of Arbitration of the International Chamber of Commerce (ICC), called on in order to resolve the dispute between the Areva-Siemens consortium and its customer, the Finnish operator TVO, as part of the construction of the EPR reactor of the Olkiluoto 3 (OL3) nuclear power plant in Finland, has just handed down a partial judgment requiring TVO to release EUR 100 million owed to the Areva-Siemens Consortium, and withheld in contravention of contractual provisions.
- On July 5, 2012, Dow Jones reported that Siemens AG could be preparing to make an offer for Ansaldo Energia, a unit of Finmeccanica SpA, in the coming days, according to Italian business daily Il Sole 24 Ore. Siemens, which has previously made an expression of interest for the energy services unit, would be working with Credit Suisse Group AG to formulate an offer worth nearly EUR1.3 billion ($1.63 billion).
- On July 4, 2012, Dow Jones reported that General Electric Co is suspending construction of a thin-film solar panel factory in Colorado, Bloomberg News reported. Danielle Merfeld, general manager of solar technologies, said in an interview that work would stop for at least 18 months.
- On July 3, 2012, Dow Jones reported that State-run Indian telecom operator Bharat Sanchar Nigam Ltd. (BSNL) has given network-equipment contracts to China's ZTE Corp and Alcatel Lucent SA. While ZTE was the lowest bidder, Alcatel-Lucent was among four vendors shortlisted by BSNL.
- On July 3, 2012, Reuters reported that EverBank Financial Corp said it would buy General Electric Capital's Business Property Lending Inc division for $2.51 billion to boost its ability to lend to small and mid-size companies, driving up its shares more than 4%. The latest deal includes about $2.44 billion of performing commercial loans, origination and servicing platforms, and servicing rights on $3.1 billion of loans securitized by GE Capital.
- On July 2, 2012, General Electric Co And OJSC Rosneft announced that it has signed a memorandum of understanding (MOU) that lays the foundation for the two companies to jointly evaluate and develop commercial opportunities in oil and gas exploration and production in the Russian Federation.
- On July 2, 2012, General Electric Co announced that Swedish energy developer Triventus Wind Power AB will use GE's wind turbine technology to power a new 27.5-megawatt (MW) wind farm project being built near Falkenberg on Sweden's west coast.
- On June 29, 2012, The Economic Times reported that Nokia Siemens Networks has bagged nearly INR200 crore (INR2 billion) of contracts to supply network gear to the Railways.
- On June 29, 2012, Dow AgroSciences, a wholly owned subsidiary of The Dow Chemical Company, and The Royal Barenbrug Group, announced a global strategic relationship for the development and commercialization of advanced germplasm in forage seeds.
- On June 26, 2012, Servicesource International Inc announced that General Electric Co's GE Healthcare has expanded its partnership with ServiceSource in Asia-Pacific to drive renewal of recurring service contracts for both small and large scale medical equipment.
- On June 22, 2012, Reuters reported that Johnson & Johnson said on June 21, 2012, that U.S. regulators have declined to approve a new use for its Xarelto blood clot preventer to reduce the risk of heart attacks and strokes in patients with acute coronary syndrome.
- On June 21, 2012, E. I. du Pont de Nemours and Co announced that it has filed a lawsuit against Heraeus Materials Technology, LLC and its customer SolarWorld Industries America, Inc. in U.S. Federal Court for the District of Oregon for infringing a recently issued DuPont patent related to front-side metallization paste compositions used in solar cell technology.
- On June 21, 2012, Reuters reported that Johnson & Johnson is close to reaching a settlement with the U.S. Justice Department over allegations it promoted anti psychotic drug Risperdal for unapproved uses that could cost the healthcare conglomerate at least $1.5 billion.
- On June 21, 2012, NK Rosneft' OAO (Rosneft) announced that on June 21, 2012 Mr. I. Sechin, Rosneft President, and Mr. John Krenicki, General Electric Co Vice Chairman President and CEO of GE Energy, and Mr. Cristiano Tortelli, GE Energy CEO for CEE, Russia and CIS, signed a Memorandum of Understanding and a Cooperation Agreement.
- On June 19, 2012, Dow Jones reported that four telecommunication gear makers short-listed by Bharat Sanchar Nigam Ltd. (BSNL) for an equipment supply contract worth more than $1 billion have pulled out saying the final bid price is very low and isn't viable for them.
- On June 19, 2012, Reuters reported that Monsanto Co is suing chief rival E.I. Du Pont de Nemours and Co (Du Pont), accusing DuPont and its agricultural crop subsidiary of treading on Monsanto's technological turf by copying key new plant breeding innovations.
- On June 16, 2012, Reuters reported that EU regulators will decide next week whether to accept concessions offered by Germany's Siemens AG and France's Areva SA to end an investigation into their former nuclear power joint venture.
- On June 16, 2012, Reuters reported that General Electric Co aims to buy a medium-sized business in Germany in the next six months to expand its technological footprint, German daily Sueddeutsche Zeitung reported, citing a manager at the U.S. conglomerate.
- On June 14, 2012, Johnson & Johnson announced the completion of the acquisition of Synthes, Inc. for a total purchase price of $19.7 billion in cash and stock. Synthes will be integrated with the DePuy franchise to establish the DePuy Synthes Companies of Johnson & Johnson.
- On June 13, 2012, Reuters reported that Johnson & Johnson expects to complete its $19.7 billion purchase of Swiss medical device maker Synthes Inc. on Thursday and that the deal will slightly boost company profit this year, rather than being a moderate drag on earnings as previously expected.
- On June 12, 2012, General Electric Co announced that it had secured an order for GBP3.25 million from General Dynamics UK for subsystems required for the Demonstration Phase for the Scout Specialist Vehicle family of platforms for the British Army for which General Dynamics UK is currently on contract.
- On June 12, 2012, Reuters reported that Johnson & Johnson has won U.S. antitrust approval to buy Swiss medical device company Synthes Inc if it sells some assets, the Federal Trade Commission said on Monday.
- On June 8, 2012, Reuters reported that DuPont had acquired a unit of Britain's BAE Systems plc and taken a minority stake in a U.S. high-technology start up, Nanocomp Technologies Inc, to expand its portfolio of high-performance protection materials.
- On June 8, 2012, General Electric Co announced that it declared a $0.17 per share dividend on the outstanding common stock of the Company payable on July 25, 2012, with a record date of June 25, 2012 and ex-dividend date of June 21, 2012.
- On June 7, 2012, Nokia Oyj announced that Nokia Oyj and Siemens AG's joint venture Nokia Siemens has been chosen by the Saudi Arabian operator Zain KSA to supply infrastructure and services to the company's 4G network in Saudi Arabian city, Jeddah.
- On June 6, 2012, General Electric Co's GE Oil & Gas announced that it will supply advanced turbocompression technology for the PETRONAS LNG Train 9 project, which will add 3.6 million tons per annum (mtpa) to the existing 25.7 mtpa production capacity of the PETRONAS LNG Complex in Bintulu, Sarawak, Malaysia.
- On June 5, 2012, General Electric Co's GE Healthcare announced the acquisition of XPRO, a Brazilian Interventional X-ray equipment manufacturer company with over 15 years of experience and with more than 120 systems installed at private customer sites.
- On June 5, 2012, Law Office of Brodsky & Smith, LLC announced that it is investigating potential claims against DePuy Orthopedics and its corporate parent Johnson & Johnson on behalf of individuals that received either an DePuy ASR XL Acetabular System or an DePuy ASR Hip Resurfacing System.
- On June 2, 2012, General Electric Co's GE Healthcare signed an agreement with Affibody AB to collaborate on the development of a Her2-targeted PET imaging agent, which is scheduled to begin clinical trials later this year.
- On June 2, 2012, General Electric Co's GE Healthcare announced results from the Tamoxifen and Exemestane Adjuvant Multinational (TEAM) Trial at the 2012 Annual Meeting of the American Society of Clinical Oncology.
- On June 1, 2012, Dow Jones reported that DragonWave Inc has completed the acquisition of Nokia Oyj and Siemens AG's joint venture Nokia Siemens Networks' microwave transport business including its associated operational support system (OSS) and related support functions.
- On May 31, 2012, General Electric Co's Clarient Diagnostic Services, Inc., a GE Healthcare company, and molecular diagnostics company Insight Genetics, Inc., announced a worldwide licensing agreement for intellectual property from Insight Genetics, granting Clarient rights to develop a genetic test covering the ALK (anaplastic lymphoma kinase) biomarker, a promising target for several classes of cancer drugs.
- On May 24, 2012, Reuters reported that an arbitrator ruled Kuwait's state-run chemical company must pay Dow Chemical Co $2.16 billion for wrongly canceling a planned plastics joint venture in 2008, Dow said on Thursday.
- On May 24, 2012, Reuters reported that U.S. advisers recommended against expanding the use of Johnson & Johnson's blood thinner Xarelto as a way to reduce the risk of new heart attacks and strokes in people with heart problems.
- On May 22, 2012, General Electric Co's GE Aviation has been selected by Emirates airline to provide GE's airline-based flow management system for a 16-month validation at Dubai International Airport.
- On May 17, 2012, Reuters reported that Johnson & Johnson advanced prostate cancer drug, Zytiga, to hormone therapy before surgery has been shown for the first time to eradicate tumors in some men with high-risk forms of the disease.
- On May 16, 2012, General Electric Co announced that it is pursuing acquisitions of two underground mining equipment manufacturers in support of the global expansion of its mining business.
- On May 10, 2012, GE Healthcare, the healthcare business of General Electric Co announced that it has completed the acquisition of Xcellerex, Inc., a supplier of manufacturing technologies for the fast-growing biopharmaceutical industry.
- On May 9, 2012, Biosense Webster Inc announced the execution of strategic collaboration agreements with two global imaging companies, General Electric Co's GE Healthcare and Siemens AG's Siemens Healthcare.
- On May 7, 2012, General Electric Co And China Xd Electric Co announced the formation of a new partnership to deliver a full-line of electric transmission and distribution (T&D) and grid automation solutions to customers around the world.
- On May 1, 2012, DuPont announced that it has acquired from Bunge full ownership of the Solae, LLC joint venture. DuPont previously owned 72% of the joint venture while Bunge owned the remaining 28%. Solae, LLC is a world leader in developing soy-based ingredients for nutritious, great-tasting products.
- On April 30, 2012, General Electric Co's GE Oil & Gas announced that it will supply ATP Oil & Gas (NASDAQ:UK) Limited with subsea production equipment, ancillary systems and related services for ATP`s signature Cheviot oilfield project in the North Sea, under the terms of an $80 million contract.
- On April 26, 2012, Johnson & Johnson announced that its Board of Directors have declared a 7.0% increase in the quarterly dividend rate, from $0.57 per share to $0.61 per share.
- On April 26, 2012, The Dow Chemical Company announced that it is confidence in ability to deliver higher and sustainable earnings growth over the long term.
- On April 25, 2012, DuPont announced that Board of Directors has approved a 5% increase in the Company's quarterly cash dividend. The second quarter dividend will increase from $0.41 to $0.43 per share for common stock, payable June 12, 2012, to stockholders of record May 15, 2012.
- On April 25, 2012, General Electric Co announced that for fiscal 2012 and fiscal 2013, it expects continued double digit earnings growth.
The stock has a market capitalization of $62.44B and is currently trading at $89.99 with a 52 week range of $68.63 - $95.53. The stock's year-to-date performance has been 11.62%. It is currently trading above 20, 50 and 200 SMA.
Sources: Yahoo Finance, Google Finance, Marketwatch, Finviz, Reuters.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.