3M launches new tape
On June 12, 3M announced the launch of its elastic blend nonwoven tape with improved comfort and breathability. The tape is a thin, water-resistant tape with a 14-day wear time. This product adds to the company’s lineup of advanced adhesives for medical devices.
Marcello Napol, the company’s global business director of its Critical and Chronic Care Solutions division, said, “Durability is important to medical device wearers, which is why we don’t limit participants’ contact with moisture in our wear time studies. Now we’re able to offer a product that takes functionality to the next level – 3M 4077 is water-resistant, stretchy, breathable and offers the longest wear time in our current portfolio.”
3M’s stock performance
On June 8, 3M’s stock fell 0.8% and closed at $204.97. 3M continued to trade below its 100-day moving average price. As of June 15, 3M traded 6.4% below its 100-day moving average price of $219.05, which indicates a downward trend in the stock. On a YTD (year-to-date) basis, 3M has fallen 12.9%.
Peers General Electric (GE), Honeywell (HON), and Deere (DE) have fallen ~26%, 2.0%, and 5.0%, respectively. Analysts’ consensus target price on the stock is $213.00, implying a return potential of 3.9% over its June 15 closing price. While the stock is on a declining trend, 3M’s 14-day relative strength index of 49 indicates that the stock is neither overbought nor oversold.
Investors can hold 3M indirectly by investing in the SPDR Dow Jones Industrial Average ETF (DIA), which invested 5.6% of its portfolio in 3M on June 15.
Correction: An earlier version of this article suggested that 3M’s new tape offered a 12-day wear time instead of the actual 14-day wear time.