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3M Company (MMM)

  • Mon, Feb. 23, 7:04 AM
    • Asahi Kasei (OTCPK:AHKSY) has agreed to buy Polypore's (NYSE:PPO) energy storage segment, as it seeks to expand in the energy and environment business.
    • Asahi Kasei will pay $60.50 per share in cash, a 14% premium to their $52.95 close on Friday, and representing an enterprise value of about $3.2B.
    • Immediately prior to Asahi Kasei’s purchase of Polypore, 3M (NYSE:MMM) will acquire the assets of Polypore’s separations media business for about $1B and Asahi Kasei will receive the cash proceeds from asset sale.
    • PPO +13.2% premarket
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  • Tue, Jan. 27, 8:28 AM
    • Net income of $1.18B, or $1.81 per share, vs. $1.10B, or $1.62 per share, a year ago.
    • While profit for the quarter narrowly beat analysts’ expectations, revenue fell shy at $7.72B, below an estimate of $7.77B.
    • Revenue by segment: Industrial +1.4%; Electronics and Energy +3.3%; Safety and Graphics +3.4%; Health Care +2.4%; Consumer +2.2%.
    • The company affirmed its 2015 outlook and expects full-year earnings to be in the range of $8.00-$8.30 per share with organic local-currency sales growth of 3%-6%.
    • MMM -1.8% premarket
    • Q4 results
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  • Dec. 24, 2014, 9:28 AM
    • Shares of 3M (NYSE:MMM) are slightly lower premarket after Langenberg downgraded the company to Hold from Buy.
    • "3M...remains well on track to achieve its 2013 to 2017 objectives," analysts noted, "but paying 20x forward EPS for a specialty chemical company is tough for us."
    • Despite the downgrade, the firm raised its price target on the stock to $170 from $160.
    • MMM -0.2% premarket
  • Oct. 23, 2014, 8:55 AM
    • Net income of $1.3B, or $1.98 per share, vs. $1.23B, or $1.78 per share, in the same quarter a year ago.
    • Revenue by segment: Industrial +3%; Electronics and Energy +3.5%; Safety and Graphics +1.3%; Health Care +4.7%; Consumer +2.1%.
    • Repurchased $1.2B of its own shares during the quarter.
    • The company expects earnings in the range of $7.40-$7.50 per share vs. a prior expectation of $7.30-$7.55.
    • Q3 results
    • MMM +2.5% premarket
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  • Aug. 6, 2014, 12:19 PM
    • General Electric (GE +1.8%) is upgraded to Outperform from Market Perform with a $33 price target, up from $29, at Bernstein,which offers five reasons for favoring the stock.
    • The firm sees growing evidence of portfolio and cultural transformation at GE resulting in accelerating cost reduction and the most Industrial focused mix in almost 25 years, as well as coming catalysts in the GE calendar through 2015 as backlog converts into the back half.
    • Trading at 15.1x the next 12 months of earnings for its industrial business, GE is cheaper than most other industrials, including Danaher (NYSE:DHR) at 21.7x, 3M (NYSE:MMM) at 17.8x, and Emerson Electric (NYSE:EMR) at 16x, the firm says.
  • Feb. 4, 2014, 6:54 PM
    • 3M (MMM) is launching a new $12B buyback program. The program replaces 3M's existing authorization, and is good for repurchasing 14% of outstanding shares at current levels.
    • 3M spent $5.2B on buybacks in 2013, and $1.7B just in Q4. Will new debt be issued to pay for additional repurchases? 3M ended Q4 with $4.9B in cash/investments, and $6B in debt.
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  • Dec. 17, 2013, 8:44 AM
    • 3M (MMM) is out with an announcement and guidance in front of a meeting with institutional investors and analysts.
    • The company says it maintains a long-term organic revenue target for 4%-6% growth and an EPS outlook of 9%-11% growth.
    • For 2014, 3M sees EPS of $7.30-$7.55 vs. $7.40 consensus.
    • A dividend payout increase of 35% and a plan to buy back $17B to $22B in shares is also outlined by execs.
    • 3M Analyst meeting webcast
    • MMM +2.7% premarket.
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  • Dec. 2, 2013, 2:00 PM
    • 3M (MMM -3.4%) "tends to show below-average core growth in cyclical upswings," Morgan Stanley's Nigel Coe says, downgrading the shares to Underweight from Equalweight.
    • "We expect the company to underperform EE/MI peers over the next two years, as we enter the reacceleration phase of this mid cycle slowdown, limiting operating leverage, with margins at peakish levels," Coe adds.
    • Price target cut to $122 from $123.
  • Aug. 6, 2013, 10:16 AM
    • 3M (MMM) agrees to license and then sell its Taper Dry Powder Inhaler (DPI) technology, which is being developed to treat asthma and chronic obstructive pulmonary disease, to Adamis Pharmaceuticals Pharmaceuticals (ADMP.OB +5%).
    • 3M will also supply the drug delivery tape for the platform to Adamis under a separate agreement.
    • The DPI is being developed to compete with other dry powder inhalers such as GlaxoSmithKline's Advair Diskus, which generates $13B a year. Adamis intends to develop a branded generic version using 3M's Taper DPI tech.
    • Adamis will pay an undisclosed fee for the license and then a further amount before December in order to acquire the tech. (PR)
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  • Apr. 25, 2013, 8:28 AM
    More on 3M's (MMM) Q1 miss: The company took a 1.8% hit to sales due to "currency impacts". "Considering the stronger U.S. dollar … it is prudent to alter our outlook for 2013," notes CEO Inge Thulin. MMM sees FY2013 sales weaker by ~1.5% on foreign currency translation. EPS is now expected to be between $6.60-6.85 per share versus $6.70-6.95. Analysts expect $6.83. Shares -3% premarket. (PR)
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  • Feb. 6, 2013, 1:56 PM
    3M (MMM +1.2%) moves higher today as investors cheer yesterday's announcement of a dividend hike and share repurchase, plus the board of directors says it's elected Muhtar Kent, chairman of the board and CEO of Coca-Cola (KO), to it's board of directors, effective April 1, 2013.
  • Jan. 25, 2013, 3:44 PM
    3M (MMM +0.9%) realigns it's Canadian business structure to better serve its markets and its customers. The move is part of a global realignment set in motion at the beginning of the year.  The new structure will be made up of five business groups: Consumer, Electronics & Energy, Health Care, Industrial, and Safety & Graphics. Previously, the business had six major segments. Read more detail on MMM's restructing in its earnings call transcript available here: Earnings Call Transcript.
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  • Nov. 21, 2012, 11:50 AM
    Electronics for Imaging (EFII +4.4%) and Novatel (NVTL -3.9%) go in opposite directions on news the former company will be added to the S&P MidCap 600, and the latter removed, after Tuesday's close. Bank holding firm Banner (BANR +1%) is also joining the index, and 3M acquisition target Ceradyne (CRDN) leaving. (PR)
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  • Oct. 23, 2012, 7:38 AM
    More on 3M (MMM) Q3 earnings: "Reflecting current economic realities," the company lowers FY2012 guidance, expecting EPS of $6.27-$6.35 vs. a previous view of $6.35-$6.50 (though $0.03 of that is acquisition-related cost). Shares -2.7% premarket. (PR)
  • Oct. 23, 2012, 7:31 AM
    3M (MMM): Q3 EPS of $1.65 in-line. Revenue of $7.5B misses by $130M. Shares -2.2% premarket. (PR)
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  • Oct. 3, 2012, 5:03 PM
    3M (MMM) has terminated its deal to purchase Avery Dennison's (AVY) Office and Consumer Products business. Commenting on the news, Jesse Singh, MMM's VP and GM of Stationery and Office Supplies says “While we are disappointed with this turn of events, we remain focused, as always, on investing in product innovation and providing our customers with a broad range of premier products.” AVY -3.3%, MMM -0.3%.
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Company Description
3M Co is a diversified technology company. Its operating segments are Industrial; Safety and Graphics; Electronics and Energy; Health Care; and Consumer segment. Its products include vinyl, polyester, foil and among others.