3M stock reaches all-time high: $99.67

3M stock reaches all-time high: $99.67

3M Co.'s stock reached an all-time high Wednesday as investors awaited fourth-quarter results due Thursday. The Maplewood-based conglomerate struck $99.67 a share by midafternoon Wednesday before closing at $99.49. The stock has climbed 16 percent in the last year, silencing naysayers who worried that economic woes abroad could thwart a surge in the company's share price. Instead, analysts said investors were impressed that 3M recently reset earnings expectations to more reasonable levels. As a result, many are now looking ahead and betting on more achievable results for the second half of 2013. Others believe 3M could benefit from the weakening U.S. dollar, which typically makes prices of U.S. products cheaper abroad, analysts said. 3M, the $30 billion maker of Scotch tape, Post-it Notes, respirators, adhesives and thousands of other products, generates about 66 percent of its sales outside the United States. The last time 3M's stock traded near $100 a share was in July 2011, when it hit $97.97 a share. The recent bullrun in price comes despite 3M's restrained guidance reports over the last few months.
Comment: I think it is because my daughter works there!

1 comment:

  1. When I was a junior at FBCS, I won the 3M-issued "Richard G. Drew Science Award," and joined about 200 other high school students from around the state to shadow a 3M employee for a day. It's an impressive place - now almost 20 years later I'd love to go back and do it again!


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