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Company Update (NYSE:MMM): 3M Awarded Contract for 177,000 Body Armor Plates

[Business Wire] – Ceradyne, Inc., a 3M company, has been awarded a $92.7 million body-armor contract by Defense Logistics Agency for delivery of 177,000 pieces. The plates are designed to meet stringent performance requirements outlined by the U.S. Read more on this. 3M Company (MMM) , with a current market cap of $101.13B, opened at $166.50. Shares have traded today between $166.11 and $166.76 per share and has traded between $134.00 and $171.27 over the past 12 months. 3M (MMM) shares are currently priced at 20.32x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 15.81x earnings multiple for the same period. And for passive income investors, the company pays shareholders $4.44 per share annually in dividends, yielding 2.64%. In a review of the consensus earnings estimate this quarter, 16 sell-side analysts are looking at $2.07 per share, which would be $0.05 better than the year-ago quarter and a $0.04 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $8.26 is a $0.68 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $7.73 Billion. If realized, that would be a 0.52% increase over the year-ago quarter. Recently, Credit Suisse upgraded MMM from Neutral to Outperform (Sep 25, 2015). Previously, UBS Initiated MMM at to Buy. The average price target for MMM shares is $171.60, which is 3.06% above where the stock opened this morning. See more in (NYSE:MMM) Similar Articles: Company Update: 3M Company (NYSE:MMM) – 3M and Festool Announce Strategic Collaboration to Serve Automotive Collision Repair Industry Company Update: 3M Company (NYSE:MMM) – 3M and Schuberth to Collaborate on Next-Generation Helmet Technology Company Update: 3M Company (NYSE:MMM) – 3M Company and 3M United Kingdom PLC Announce Resolution of Environmental Lawsuit Related to Fire Fighting Foams
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