) hit a 52-week high of $130.78 during yesterday's trading
session. However, the stock closed the session at $130.05, which
reflects a solid year-to-date return of 39.6%. The average
trading volume for last three months aggregated 2.3 million
Despite its strong price appreciation, this Zacks Rank #3
(Hold) stock still has enough fundamentals that may further drive
the stock upward. Its strong estimate revisions over the last 30
days and long-term earnings growth of 13.6 % for 2013 are some
catalysts driving the stock.
Impressive third-quarter 2013 results that comprised higher
sales across its businesses, top-line growth and new product
launches were the primary driving factors for 3M.
On Oct 24, 3M reported third quarter net income of $1,230
million or $1.78 per share compared with $1,161 million or $1.65
a share in the year-earlier quarter. The reported earnings beat
the Zacks Consensus Estimate of $1.76.
The company has been making efforts to reposition its portfolio
by divesting assets that no longer fit its corporate strategy and
instead make investments which are more in tune with the
strategy. We also remain encouraged by the record top-line growth
of the company and expect it to continue its bull run in the
In addition, the company maintains a sound and flexible
balance sheet with ample liquidity that enables it to capitalize
on potential acquisition opportunities to fuel its top-line
Over the last 30 days, 4 out of 12 estimates for 2013 have
been revised upward and 3 estimates were revised lower, which led
to a 0.1% drop in the Zacks Consensus Estimate to $6.70 per
share. For 2014, 4 out of 14 estimates moved upward, helping the
Zacks Consensus Estimate advance 0.3% to $7.40 per share.
Other Stocks to Consider
Other stocks that look promising and are worth a look now
Hutchison Whampoa Limited
Tyco International Ltd
), each having a Zacks Rank #2 (Buy).
HUTCHINSON WHAM (HUWHY): Get Free Report
ITT CORP (ITT): Free Stock Analysis Report
3M CO (MMM): Free Stock Analysis Report
TYCO INTL LTD (TYC): Free Stock Analysis
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