3M Company (MMM) recovered 13% from its 52-week low touched in October. The stock closed yesterday's trading at $170.75.
3M is a conglomerate operating in the fields of industry, worker safety, health care, and consumer goods.
Last week, the company announced the sale of its drug delivery business to Altaris Capital Partners, to focus more on its core health care business. The deal is worth $650 million and MMM will retain a 17% stake. Also, 3M had a value addition to its health care portfolio in October by acquiring Acelity Inc. for about $6.7 billion, its biggest acquisition ever.
While speaking to Bloomberg on Monday, Mike Roman, chief executive hinted at bigger acquisitions.
In October, the maker of Post-it notes and Scotch Brite had reported better-than-expected earnings in the third quarter.
Earnings grew to $1.583 billion or $2.72 per share from $1.543 billion or $2.58 per share in the same quarter a year ago. Analysts were expecting $2.49 per share.
Looking forward, for the fourth quarter, GAAP EPS, including an estimated $0.15 per share negative impact from the recently closed acquisition of Acelity, Inc. is expected in the range of $2.05 to $2.15. Analysts are anticipating earnings of $2.1 per share.
The company has updated its full-year earnings, now expecting $8.99 to $9.09 per share compared with $9.25 to $9.75 guided earlier. The latest outlook includes an estimated $0.15 per share negative impact from the recently closed acquisition of Acelity, Inc. Analysts are expecting earnings of $9.05 per share for the full year.