3M Earnings Report Due This Week: What You Need to Know

3M is scheduled to release its earnings on October 20, 2024, before the market opens. After hitting its October lows in the $70 range, the stock has soared an impressive 87% over the past year, currently trading at $135.14. You certainly won't see that kind of return with money sitting in a savings account!

Beyond its price growth, 3M is also a dividend aristocrat, offering a 2.07% annual dividend yield. However, with earnings around the corner, it's important to stay cautious. The stock is approaching a supply zone that could trigger a pullback to a demand level around $105. If we see a 20% drawdown, that could present a buying opportunity for those looking to add 3M to their portfolio.

For current holders, it's always wise to keep an eye on earnings reports. If you're not comfortable with potential volatility, consider hedging your position by purchasing covered calls or puts to protect against downside risk. Otherwise, be prepared for the possibility of a drawdown.

Stay tuned as earnings approach—it could be an important week for 3M investors!