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Barchart
Barchart
Ebube Jones

Up 38% YTD, is This Dividend Stock Overbought?

Mỹ 3 3M 3M Company Dow MMM

3M Company (MMM) has been performing exceptionally well, with its 38% year-to-date increase leading the Dow Jones Industrial Average ($DOWI). The stock shot up after its latest earnings report beat expectations, painting a rosy picture for the future. 

Despite the breakout performance, 3M stock still has an overall “hold” rating from analysts, and its historic dividend cut earlier this year rattled many investors who have long favored the stock for its yield. Meanwhile, the recent rally has now pushed 3M's share price north of the mean price target set by Wall Street. After such a big run-up, it's fair to ask - is 3M now overbought?

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