How To Earn $100 Per Month From 3M Stock

3M Company MMM, a multinational conglomerate founded in 1902 that sells tens of thousands of products ranging from sponges to respirators, reported EPS above consensus estimates for the last six quarters. 

It will report its Q3 2024 earnings on October 22. Wall Street analysts expect the company to post an EPS of $1.91, down from $2.68 in the year-ago period. Quarterly revenue is expected to be $6.06 billion, down from $8.02 billion in the year-ago period.

The 52-week range of 3M stock price was $71.35 to $128.65.

3M's dividend yield is 2.25%. It paid $2.80 in dividends during the last 12 months.

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The Latest On 3M

In its most recent earnings announcement on July 26, the company reported adjusted net sales of $6.019 billion, up 1.1% year-over-year, beating the consensus of $5.878 billion.

As reported by Benzinga, 3M's adjusted organic sales growth was 1.2%, despite a 1.2 ppt year-over-year headwind from product changes and exiting small countries. Strength in electronics and industrial end-markets was mixed, and consumer retail discretionary spending remained soft. Adjusted EPS was $1.93, up from $1.39 in the prior-year quarter, beating the consensus of $1.68.

"As I look ahead, I am focused on three priorities: driving sustained organic revenue growth, increasing operational performance, and effectively deploying capital," commented William Brown, 3M Chief Executive Officer.

3M continues to see full-year adjusted total sales growth of (0.25%) to +1.75% and, on an organic basis, flat to +2%. The company now expects adjusted EPS of $7.00 – $7.30 (prior $6.80 – $7.30) versus the $7.17 consensus.

Following the results announcement, several Wall Street analysts upgraded and raised their price targets on the stock, including Deutsche Bank, Argus Research, Citigroup and Barclays. Here is a closer look at 13 analyst recommendations for 3M.

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How Can You Earn $100 Per Month As A 3M Investor?

If you want to make $100 per month – $1,200 annually – from 3M dividends, your investment value needs to be approximately $53,333, 428 shares at $124.61 each. 

Understanding the dividend yield calculations: When estimating, you need two key variables – the desired annual income ($1,200) and the dividend yield (2.25% in this case). So, $1,200 / 0.0225 = $53,333 to generate an income of $100 per month.

You can calculate the dividend yield by dividing the annual dividend payments by the stock’s current price.

The dividend yield can change over time due to fluctuating stock prices and dividend payments on a rolling basis.

For instance, assume a stock that pays $2 as an annual dividend is priced at $50. Its dividend yield would be $2/$50 = 4%. If the stock price rises to $60, the dividend yield drops to 3.33% ($2/$60). A drop in stock price to $40 will have an inverse effect and increase the dividend yield to 5% ($2/$40).

In summary, income-focused investors may find 3M stock an attractive option for making a steady income of $100 per month by owning 428 shares of stock. There may be more upside as investors benefit from the company's consistent dividend hikes. 3M has raised its dividend consecutively for the last 64 years.

Better Than 3M?

The current high-interest-rate environment has created an incredible opportunity for income-seeking investors to earn massive yields, but not through dividend stocks… Certain private market real estate investments are giving retail investors the opportunity to capitalize on these high-yield opportunities and Benzinga has identified some of the most attractive options for you to consider. 

For example, the Jeff Bezos-backed investment platform just launched its Private Credit Fund, which provides access to a pool of short-term loans backed by residential real estate with a target 7% to 9% net annual yield paid to investors monthly. The best part? Unlike other private credit funds, this one has a minimum investment of only $100. 

Don't miss out on this opportunity to take advantage of high-yield investments while rates are high. Check out Benzinga's favorite high-yield offerings. 

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