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
€115.86
21.540%
Based on 9 Buy predictions and 8 Sell predictions the sentiment towards 3M Company is rather balanced.
However, we have a potential of -11.1% for 3M Company as the target price of 103 € is below the current price of 115.86 €.
