David B. Dillon Elected to 3M Board of Directors

3M announced today that David B. Dillon, retired chairman and chief executive officer of The Kroger Co., has been elected to 3M's Board of Directors, effective Aug. 9, 2015.

3M Company (MMM), valued at $94.12B, opened this morning at $150.00. Looking at the equity, the company's one day range is $149.89 to $150.79 and has traded between $130.60 and $170.50 over the past 12 months. 

MMM shares are currently priced at 18.99x this year's forecasted earnings, which makes them relatively expensive compared to the industry's 16.33x earnings multiple for the same period. The company pays shareholders $4.10 per share annually in dividends, yielding 2.70%. 

Consensus earnings for the current quarter by the 13 sell-side analysts covering the stock is an estimate of $2.07 per share, which would be $0.09 better than the year-ago quarter and a $0.06 sequential decrease. The full-year EPS estimate is $7.84, which would be a $0.35 better than last year. 

The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $7.84 Billion. If realized, that would be a 3.69% decrease over the year-ago quarter. In terms of ratings, UBS Initiated MMM at Buy (Jan 22, 2015). Previously, RBC Capital Mkts Initiated MMM at to Underperform. 

With the above information in mind, readers should note that the average price target is $165.42, which is 10.28% above where the stock opened this morning. 

3M Company operates as a diversified technology company worldwide. Its Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; filtration products; closure systems for personal hygiene products; acoustic systems products; automotive components; abrasion-resistant films; structural adhesives; and paint finishing and detailing products. It sells its products through wholesalers, retailers, jobbers, distributors, and dealers, as well as directly to users. 3M Company was founded in 1902 and is headquartered in St. Paul, Minnesota.