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 Aktie
111,42 €
16,88 %
Die Community ist uneins: 9 Buy- gegen 8 Sell-Einschätzungen bei 3M Company.
Obwohl das Kursziel von 103 € unter dem aktuellen Kurs von 111.42 € für 3M Company liegt, zeigt sich ein negatives Potenzial von -7.56%.
