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The 3M Co. has Again Lowered Its Annual Earnings Per Share Forecast

10/26/2022 2:30 PM

The stocks of the American diversified innovation and manufacturing company 3M Co. are trading in a corrective trend, being near the 118.00 mark.

The financial report for Q3 was received by investors rather restrainedly. Thus, from the positive, it is worth highlighting the net profit growth by 2.7 times to 3.86B dollars from 1.43B dollars last year. Earnings per share amounted to 6.77 dollars, up from 2.45 dollars a year earlier, and excluding one-time factors, the figure reached 2.69 dollars, which exceeded the 2.48 dollars demonstrated in the previous quarter. In addition, we should highlight another reduction in the forecast for earnings per share to 10.10–10.35 dollars from 10.30–10.80 dollars, which were expected after Q2.

As for dividends, the last payment took place on September 12, when investors were sent 1.49 dollars per ordinary share, which corresponds to a yield of 4.06% per annum.

The price continues to be in the stage of forming a global downtrend, and despite the local correction, there are still no prospects for significant growth.

Technical indicators are in the state of a sell signal: the histogram of the AO oscillator is close to the transition level and forms ascending bars, and the fast EMAs of the alligator indicator are still located below the signal line.       

Support levels: 115.60, 107.00. | Resistance levels: 122.20, 132.00.

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