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April 05, 2023
Change of direction? 3M, CNH Industrial N.V., Parker-Hannifin Corp, among others, are approaching price targets.
A recap of yesterday's session: Leading equity indices in the US declined as Dow Jones was down 0.59% before closing the session at 33,400. S&P 500 slipped 0.58% and closed at 4,100.6.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Check out this rundown of industrials stocks and their price targets.
3M's price target: $101.25 | Last close: $102.25 | Daily range: $102.07 – $104.9 | Off hours: $103
After ending Monday at $104.57, 3M declined to $102.07 yesterday before closing at $102.25, thereby losing 2.22% in total. 3M has been dropping for 3 days, losing 54 cents, with yesterday's session maintaining the downtrend. Trading volume totalled 3.45 million which equates to around 91% of the stock's 21-day average yesterday.
13 days ago, the industry, worker safety, health care, and consumer goods conglomerate fell to a low of $101 but has since recovered 3.53%. The company has a market cap of $56.39 billion with an average daily volume of 3.79 million shares. So far this year, it has been under-performing the Dow Jones by 17%. $8 billion was 3M's last reported revenue with $2.28 being the current EPS.
A persuasive break of this target could lead to higher losses.
CNH Industrial's price target: $14.44 | Last close: $14.68 | Daily range: $14.58 – $15.19 | Off hours: $14.68
CNH Industrial's downtrend might be halted by its support level at $14.44, which is only 24 cents away.
CNH Industrial's bearish run has lasted 3 days so far (-7 cents). yesterday's session continued down the same path: after ending Monday at $15.2, CNH Industrial declined to $14.58 yesterday before closing at $14.68, thereby losing 3.42% in total. Daily trading volume (5 million shares) increased, making up 109% of the 21-day average (4.67 million).
Parker's price target: $313.03 | Last close: $320.64 | Daily range: $318.67 – $339.52 | Off hours: $320.64
Early in yesterday's session, Parker-Hannifin dropped to $318.67 from $339.17 at the end of Monday, before closing at $320.64. During the session, it lost 5.46%. The volume of trade was 1.11 million shares, close to the daily average of 1.12 million shares.
Having set a significant high of $362.67 28 days ago, the US motion technology specialist is trading 6.48% lower. Currently, the motion tech giant has a market capitalization of $41.13 billion with an average daily trading volume of 1.12 million shares. The S&P 500 has been doing worse in 2022, it has been passing it by 2.61%. Parker last reported revenue of $4.67 billion with an EPS of $4.76.
Parker-Hannifin is eyeing the $313.03 support line.
Based on current prices, Parker-Hannifin shareholders are currently earning an annual dividend yield of 1.66% after the company distributed a quarterly dividend of $1.33 per share for all eligible shareholders as of Friday, February 10th. The most recent payment was made on Friday, March 3rd.
