Industrials Weekly Review: Deere, 3M, Corning and Johnson Controls

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During the past week, Deere (NYSE:DE), 3M (NYSE:MMM) and Corning (NYSE:GLW) announced new product launches, while Johnson Controls announced an increase in its quarterly dividends. Below we give a quick rundown on the most notable events in the last week related to the companies.

Deere

On November 17, Deere introduced three small-frame 6R tractor models. [1] These new tractors were introduced to fulfill the growing demand for tractors, which are compact and more maneuverable so that they can be used to handle a wide variety of tasks. Deere will be reporting its fourth quarter earnings on November 26.

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Deere’s stock declined by about 2.5% over the week through Thursday. We currently have a price estimate of $96 for Deere, just over 10% higher than its current market price. We estimate revenues of nearly $35 billion for calendar year 2014 and EPS of $8.50 for fiscal year 2014, in line with consensus estimates.

Click here to see our complete analysis of Deere

3M

On November 20, 3M announced that it had entered an agreement to market Alcohol Monitoring Systems’ SCRAM Remote Breath alcohol testing device due to the growing demand from its corrections and law enforcement customers for a portable breath alcohol testing solution. [2] 3M also announced some changes to its senior management. [3] Paul A. Keel will be replacing Christopher D. Holmes as Senior Vice President, Supply Chain. James L. Bauman has been appointed as Senior Vice President, Business Transformation, Americas, a newly created position. Additionally, on November 17, 3M introduced Twin Axial Cables Assemblies, which help save a significant amount of space inside data centers. [4] This will help reduce congestion within servers and increase the options for server architecture.

3M’s stock gained slightly over the week through Thursday, November 20. We currently have a price estimate of $142 for 3M, approximately 11% lower than its current market price. We estimate revenues of $32 billion and EPS of $7.39 for this fiscal year, slightly below consensus estimates.

Click here to see our complete analysis of 3M

Corning

Corning launched the newest version of its popular cover glass, Gorilla Glass. [5] According to Corning, Gorilla Glass 4 is around 2 times tougher than other cover glasses available in the markets. Corning’s scientists had developed new drop-test methods, wherein devices equipped with Gorilla Glass 4 were dropped from a height of one meter such that it the cover glass fell on a rough surface. The results revealed that 80% of the time Gorilla Glass 4 did not break, compared to soda-lime glass, which broke every time.

Corning’s stock gained nearly 1% over the week through Thursday. We currently have a price estimate of $20 for Corning, which is slightly lower than its current market price. We estimate revenues of $10.1 billion and EPS of $1.53 for this year, about in line with consensus estimates.

Click here to see our complete analysis of Corning

Johnson Controls

On November 19, Johnson Controls announced an 18% increase in its quarterly dividend to $0.26 per share, marking the 34th increase in the past 36 years. [6] The new dividend will be paid on January 5, 2015.

Johnson Controls’ stock gained 1.34% over the week through Thursday. We currently have a price estimate of $52 for Johnson Controls, slightly higher than its current market price. We estimate revenues of $44.1 billion and EPS of $3.25 for this fiscal year 2014.

Click here to see our complete analysis of Johnson Controls

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Notes:
  1. John Deere Unveils Three Small-Frame Models to 6R Series Tractor Lineup, November 17, 2014, www.deere.com []
  2. 3M to Offer Portable Breath Alcohol Testing Device, November 20, 2014, www.3m.com []
  3. 3M Announces New Leadership Appointments, November 20, 2014, www.3m.com []
  4. 3M Twin Axial Cable Solution Increases Efficiency of Servers for HPC, November 17, 2014, www.3m.com []
  5. Corning Redefines the Standard in Damage Resistance With Gorilla® Glass 4, November 20, 2014, www.corning.com []
  6. Johnson Controls announces increased quarterly dividend, November 19, 2014, www.johnsoncontrols.com []