3M Company Reports Oversold, Below Key Levels

3M Company is a multi-national technology-based conglomerate providing innovations in raw materials, water, energy, health, safety and education. The company famous for Post-it Notes is involved in many industries, including automotive, manufacturing, mining, and oil & gas. 3M is set to report first quarter earnings before the opening bell on Tuesday, April 24.

3M shares closed Thursday at $218.85, down 7% year to date and in correction territory at 15.8% below its 2018 high of $259.77 set on Jan. 26. The stock set its 2018 low of $209.47 on April 2. 3M is a component of the Dow Jones Industrial Average and is underperforming the average. The Dow 30 is down 0.2% year to date and is 7.3% below its all-time high set on Jan. 26.

Analysts expect 3M to post earnings per share of $2.51 when it reports results on Tuesday. This conglomerate beat earnings estimates in each quarter in 2017. 3M is amid divestitures and acquisitions that are expected to reduce expenses. The company should also benefit from a weak dollar and reduced taxes from the “Tax Cut and Jobs Act.” (See also: 4 Stocks That Will Profit From Dollar’s Pullback.)

 

3M Company reports earnings before the open on Tuesday with an elevated P/E ratio of 27.72 and a decent dividend yield of 2.98%. …read more

Read more here: 3M Company Reports Oversold, Below Key Levels

Category: MMM

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