Saint Paul, Minnesota-based 3M Company (MMM) provides diversified technology services, conducting operations in electronics, telecommunications, industrial, consumer and office, health care, safety, and other markets. Valued at $70.7 billion by market cap, the company businesses share technologies, manufacturing operations, marketing channels, and other resources.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and MMM perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the conglomerates industry. 3M's century-long reputation for innovation and reliability, backed by a diverse product portfolio and strong patents and trademarks, has secured its leading position in global markets.
Despite its notable strength, 3M slipped 8.2% from its 52-week high of $141.34, achieved on Oct. 22. Over the past three months, MMM stock declined marginally, underperforming the S&P 500 Index’s ($SPX) 9.5% gains during the same time frame.
In the longer term, shares of MMM rose 42.5% on a YTD basis and climbed 51% over the past 52 weeks, outperforming SPX’s YTD gains of 27.6% and 31.6% returns over the last year.
To confirm the bullish trend, MMM has traded above its 200-day moving average since mid-March. However, it has traded below its 50-day moving average since late October, with some fluctuations.
On Oct. 22, MMM shares closed down more than 2% after reporting its Q3 results. Its revenue of $6.3 billion, surpasses analyst estimates of $6.1 billion. The company’s adjusted EPS was $1.98, exceeding analyst estimates of $1.90.
In the competitive arena of conglomerates, Honeywell International Inc (HON) has taken the lead over 3M, showing resilience with a 9.2% uptick on a YTD basis and 14.3% gains over the past 52 weeks.
Wall Street analysts are moderately bullish on MMM’s prospects. The stock has a consensus “Moderate Buy” rating from the 16 analysts covering it, and the mean price target of $150.75 suggests a potential upside of 16.2% from current price levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- Trading Alert: Megaphone Pattern in Cameco (CCJ) Warrants a Possible Long Iron Condor
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