3M Co. (NYSE: MMM) is scheduled to report third-quarter financial results before markets open Tuesday. The consensus estimates from Thomson Reuters are calling for $2.14 in earnings per share (EPS) and $7.71 billion in revenue. The same period from last year had $2.05 in EPS and $7.71 billion in revenue.

The company posted outstanding second-quarter results, and the company adjusted the midpoint of its guidance, the analysts remain positive but note that the company, like many others, faces a tough global macro environment. 3M does think the results are strong in relation to peers and feel that the focus toward return on invested capital will yield multiple expansion and earnings growth.

Trading against 2016 earnings, 3M has a P/E multiple of nearly 21 which might seem expensive comparatively, but this is also the second most heavily weighted Dow-stock.

This is a top industrial that could really jump with an economic pickup. 3M is a diversified, global manufacturer. Its businesses are technology-driven and organized under five segments: Consumer, Safety and Graphics, Electronics and Energy, Healthcare, and Industrial. Its popular brands include Scotch, Post-It, 3M and Thinsulate. The company also holds over 500 U.S. patents.

Prior to the release of the earnings report, a few analysts weighed in on 3M:

• Barclays has an Overweight rating with a $194 price target.
• Credit Suisse reiterated a Buy rating with a $195 price target.
• Deutsche Bank reiterated a Hold rating with a $164 price target.
• Jefferies has a Buy rating.

Excluding Monday’s move, 3M outperformed the broad markets with the stock up 12.5% year to date. Over the past 52-weeks the stock is up 8%.

Shares of 3M were last trading up about 1% at $171.57, with a consensus analyst price target of $180.87and a 52-week trading range of $134.64 to $182.27.

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