3M Company MMM recently announced its partnership with Safran Cabin, a leading provider of jet cabin interiors. The collaboration will involve both the companies to leverage their strong research expertise to come up with a cleaner aircraft cabin interior solution for safe and comfortable travel experience.
Notably, 3M’s shares moved up 0.7% to eventually close at $174.14, yesterday.
Inside the Headlines
3M’s advanced technology solutions will help Safran Cabin boost aircraft cabin equipment’s cleaning and protection features. This will likely enhance the aircraft passengers’ safety by facilitating the process of removing harmful bacteria and viruses from aircraft cabin, including SARS-CoV-2 that causes COVID-19.
As noted, these solutions can either be applied during manufacturing the aircraft interior surfaces or in the course of upgrading the existing ones. These new aerospace materials from the collaboration will likely be launched into the market in 2021.
Earnings Projections and Price Performance of 3M
3M, with approximately $99.7 billion market capitalization, currently carries a Zacks Rank #2 (Buy). In the quarters ahead, the company is poised to gain from its solid product portfolio, restructuring actions, inorganic actions and shareholder-friendly policies. Also, the company’s cost-reduction actions will prove beneficial.
In the past 30 days, the Zacks Consensus Estimate for earnings moved up 2.4% to $8.57 for 2020 and 3% to $9.36 for 2021. Also, earnings estimates for the fourth quarter have increased 0.4% to $2.26 per share.
In the past six months, the stock has gained 21% compared with the industry’s increase of 39.6%.
Other Stocks to Consider
Some other top-ranked stocks from the same space are Crane Company CR, ITT Inc. ITT and Danaher Corp. DHR, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Crane has a trailing-four quarter earnings surprise of 14.59%, on average.
ITT has a trailing four-quarter earnings surprise of 22.39%, on average.
Danaher has a trailing four-quarter earnings surprise of 17.00%, on average.
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