Analysis and forecast: 3M shares before quarterly report - is it worth getting started?

Analysis and forecast: 3M shares before quarterly report - is it worth getting started?

According to a report by www.deraktionaer.de,

The shares of the American conglomerate 3M have clearly come off their lows in recent months. On Tuesday, the company will open its books for the fourth quarter of 2023 and analysts are eagerly awaiting the numbers. The consensus estimate is for fourth-quarter 2023 revenue of $8.31 billion and adjusted earnings per share of $2.31. Furthermore, 3M is expected to provide guidance for 2024, with forecast sales of $32.5 billion and adjusted earnings of $9.81.

The dividend yield could be 5.6 percent in 2024, as 3M is known to be a generous dividend payer and the dividend has always been increased for over 100 years. After four quarterly dividends of $1.50 per share in 2023, it is expected to pay $1.51 per share this year.

With the sustained jump above the GD200, 3M shares sent a strong chart signal a few weeks ago, indicating a solid quarterly report. Conservative investors could again take positions in the dividend stock, which should be hedged downwards with a stop at 80 euros. 3M is also a member of the DER AKTIONÄR Vision 25 Index.

Given this information and the expected fourth quarter 2023 numbers and outlook for 2024, 3M investors could be hoping for a positive development. The company's reliability as a dividend payer and the forecast dividend yield could further increase investor interest and make the stock attractive.