3M Company (NYSE: MMM) shares rose on on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, boosting the price target of stock.
Meanwhile, the Dow Jones Industrial Average on Wednesday crossed the 20,000 level for the first time, while the S&P 500 and Nasdaq Composite also traded in record territory shortly after the market opened
The Dow Jones Industrial Average DJIA, +0.60% advanced 100 points, or 0.5%, to 20,012,
The S&P 500 index SPX, +0.55% gained 10 points, or 0.5%, to 2,289, with eight of the main 11 sectors trading higher.
The Nasdaq Composite index COMP, +0.66% was 30 points, or 0.6%, higher at 5,630.
All three main indexes set intraday records shortly after the opening bell.
3M Company (NYSE: MMM) had its price target boosted by equities researchers at Stifel Nicolaus from $187.00 to $190.00. The company currently has a rating of Hold on the shares. The one-year price target of $189.14 is higher than the opening price of $177.09, that has caused a fair amount of other analysts to issue statements on the company recently. Looking back over the last year, 3M Company stock has a high of $182.27.
Shares of 3M Company (NYSE: MMM) opened at $177.09 yesterday trading between $176.80 and $178.49, and last traded at $178.27, an increase of $2.30 from the previous closing price.
3M Company (NYSE: MMM) currently has a market cap of 107.22B.
3M Company (NYSE: MMM) Average Daily Trading Volume
The stock’s average daily volume is 1,959,580 shares out of a total float 601,009,000 and some 433,961 shares traded hands yesterday, 17 percent lower than the norm. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain substantial teams of analysts that investigate thousands of stocks. So watching their interests is a good way to make sure you are buying the right stocks.
3M Company (NYSE: MMM) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for 3M Company (NYSE: MMM) have ranged from $144.05 – 182.27, and the stock now has a 50-day MA of $177.70 and 200-day MA of $175.83. Today’s last price is 2.19%% under the 52 week high of $182.27.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings at least 25% or more for the past 3 years.
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