I Bought This Dow Stock Today
This is a Post from the Symbol Surfing Blog from Tue, Jul 17, 2018.
Of course, you are familiar with dividend aristocrat 3M.
MMM is a $119 billion dollar market cap company with a relatively low PE Ratio and a 2.6% dividend.
The 5 year chart clearly shows an uptrend with a 74% return.
Most recently, the stock price has fallen from the record high of $259.77 on Fri, Jan 26, 2018 through the top of the range down to the bottom of the range.
The 1 year chart shows an overall return of -4%.
The first half of the year was great for investors as the stock went from $200 to almost $260.
The second half of the year shows a different story.
The stock price went from $260 to $200.
The past 2 earnings dates seemed to be triggers for selling.
What I like about this is that the price is in a sweet spot for me.
On both, the 5 year chart and the 1 year chart, the stock price is holding at support.
Over the past few months, the stock has been trading sideways around $200.
With that said, it looks like MMM is holding at this price and there is potential for an upside move.
So I bought a few shares today.
I am aware that the next earnings date is next Tuesday on July, 24, 2018.
I wouldn't be surprised to see a rally into earnings.
If there is a decent move between now and the earnings release, I will sell.
Otherwise, I have no problem holding the shares longer.
The top of the trading range looks like $220.
That would be great if I could sell there.
What do you think?
Tue, Jul 17, 2018 MMM @ $202.07
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