Why 3M Company Stock Surged Higher in October
Shares of 3M Company (NYSE: MMM) popped 9.7% in October, according to data provided by S&P Global Market Intelligence, after the company reported a surprisingly a good third quarter. The industrial conglomerate is seeing significant organic growth for the first time in decades.
Third-quarter revenue jumped 6% to $8.2 billion, and net income was up 8.4% to $1.43 billion, or $2.33 per share. But what really shocked investors was 6.6% organic local currency growth, driven by a surge in demand for electronics-related products in Asia.
3M has a surprisingly large electronics business, supplying films to most of the devices we see everyday. Image source: Getty Images.
Source: Fool.com
3M Company Stock
€90.23
-0.030%
The sentiment is rather negative at the moment with 9 Sell predictions and 2 Buy predictions.
A slightly negative potential of -11.34% at a current price of 90.23 € for 3M Company is the result of a target price of 80 €.
