Why 3M Co's Stock Popped 7% Today
Shares of industrial conglomerate 3M Co (NYSE: MMM) jumped as much as 7.3% in trading Tuesday after the company reported earnings. After years of very slow growth, 3M reported organic local currency growth of 6.6%, driving investors to hope that a turnaround in operations is here. At 11:40 a.m. EDT, shares were still up 6.9% for the day.
Revenue jumped 6% to $8.17 billion and net income was up 7.5% to $1.43 billion, or $2.33 per share. Analysts were only expecting $7.91 billion in revenue and $2.21 per share in earnings, so investors were definitely surprised by the results.
Image source: Getty Images.
Source: Fool.com
3M Company Stock
€120.06
1.380%
Based on 11 Buy predictions and 10 Sell predictions the sentiment towards 3M Company is rather balanced.
However, we have a potential of -9.21% for 3M Company as the target price of 109 € is below the current price of 120.06 €.
