3M Company’s Stock Price Plummets to $96.10, Experiencing a Sharp 11.03% Drop

3M Company (MMM)

96.10 USD -11.92 (-11.03%) Volume: 27.05M

3M Company’s stock price plunges to $96.10, marking an 11.03% decrease in this trading session with a substantial trading volume of 27.05M, and a concerning YTD percentage change of -12.09%, highlighting a challenging period for the company.

Latest developments on 3M Company

3M Co‘s stock is taking a hit today after the company released a weak profit forecast for 2024. This news comes despite a recent profit bounce and plans for a spinoff of their Health Care division. Investors are punishing the stock for the disappointing outlook, causing it to suffer its biggest selloff in 5 years. The company’s forecast falls below Wall Street estimates and has caused a 10% drop in the stock price. Other stocks, such as TKO Group and Verizon, are rising while 3M and D.R. Horton are falling. This news comes after a string of disappointing reports, including a fourth-quarter earnings snapshot that did not meet expectations. With more plaintiffs coming forward in lawsuits against 3M and concerns over the company’s high-yielding dividend, investors are questioning whether 3M’s stock is a smart buy.

3M Company on Smartkarma

Analysts on Smartkarma have recently published research on 3M Co, a leading manufacturing company. According to Baptista Research, the company delivered a strong result and managed to beat expectations in the last quarter. This success has positioned 3M Co for a promising conclusion to the year 2023. The company has also addressed potential risks and uncertainties by resolving significant litigation matters, such as Combat Arms and PFAS litigation.

Furthermore, Baptista Research also highlights four key factors driving growth for 3M Co. These include cost management efforts and restructuring initiatives, which have led to margin increases. The research provider gives 3M Co a ‘Hold’ rating with a revised target price. Investors can access these insights and more on Smartkarma, an independent investment research network where top analysts publish their research on companies like 3M Co.

A look at 3M Company Smart Scores

Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma

According to the Smartkarma Smart Scores, 3M Co has a positive long-term outlook. The company received a high score of 5 in the dividend category, indicating that it has a strong track record of paying dividends to its shareholders. This is good news for investors who are looking for stable and consistent returns on their investments.

In addition, 3M Co also received a score of 4 in momentum, which suggests that the company is performing well in terms of its stock price and market trends. This indicates that investors have confidence in the company’s future growth potential and are willing to invest in its stock.

While the company received lower scores in value, growth, and resilience, these factors are still important to consider. 3M Co‘s diverse range of businesses and global presence could potentially provide opportunities for growth in the future. However, investors should also be aware of potential risks and challenges that the company may face in these areas.

In summary, 3M Co is a multinational company that operates in various industries and has a strong track record of paying dividends to its shareholders. The Smartkarma Smart Scores indicate that the company has a positive long-term outlook, with high scores in dividend and momentum. However, investors should carefully consider all factors and do their own research before making any investment decisions.

Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
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