Solid News

3M Co. Market Update

8/17/2022 3:59 PM

3M Co., an American diversified innovative manufacturing company, is trading in a corrective trend at the 150.00 level after the release of a negative financial report and poor forecasts for the year, and the only thing that supports them is high dividends.

In the second quarter, sales were 8.7B dollars, down 3% YoY, largely due to the high value of the US dollar. Organic sales grew by 1.0%, driven largely by increased demand for respirators in China. Operating cash flow decreased by 40.0% to 1.1B dollars. In its forecast for the current year, the company expects sales growth to decline by 5.0–0.5%, worse than the previous forecast of 1.0–4.0%, while organic sales growth is projected at 1.5–3.5%. %, which is below 2.0–5.0% earlier. GAAP earnings per share could reach 7.32-7.82 dollars, down from 9.89-10.39 dollars in the previous forecast.

As for dividends, on Friday the board of directors of the corporation approved the next payment on ordinary shares in the amount of 1.49 dollars per stock, which is scheduled for September 12. The register will close on August 22, and the estimated yield may be quite high 3.97% per annum.

The trading instrument is forming a global corridor, being above the resistance line. Technical indicators keep a stable buy signal: the AO oscillator histogram forms rising bars in the buy zone, and fast EMAs of the Alligator indicator move above the signal line.

Resistance levels: 154.60, 169.00. | Support levels: 144.00, 126.00.

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