Here's Why 3M Shares Gained 13.6% in the First Half of 2021
Shares of industrial conglomerate 3M (NYSE: MMM) rose by 13.6% in the first half of 2021, according to data provided by S&P Global Market Intelligence. After a choppy January and February, 3M shares enjoyed a strong rally in the three months through May before cooling off a bit again. Here's all that happened in between.
3M ended 2020 on a pretty strong note despite the COVID-19 pandemic -- its sales were flat at $32.2 billion, but cost cuts from its restructuring efforts helped the company boost its GAAP earnings per share (EPS) by 18%.
More importantly, investors were eagerly awaiting 3M's outlook for 2021, and the company didn't disappoint. It projected 5% to 8% growth in sales and guided for EPS to land in the $9.20 to $9.70 range, versus the $9.25 per share it earned last year, backed by growth across all its segments -- safety and industrial, transportation and electronics, healthcare, and consumer.
Source Fool.com
