MMM - Here's Why You Should Hold on to 3M Stock Right Now | Benzinga
3M Company (NYSE: MMM) is gaining from strength in the Transportation and Electronics segment and accretive acquisitions despite decreasing demand for disposable respirators and weakness in the consumer retail end markets.
What's Aiding 3M
Business Strength: 3M has been witnessing solid momentum in the Transportation and Electronics segment, driven by strength in electronics, automotive and aerospace, commercial branding and transportation end markets. Continued channel inventory normalization supported by the stabilization of electronics demand is proving beneficial for the segment. Strong momentum in the automotive electrification market and an increase in auto OEM (original equipment manufacturer) build rates are expected to augur well for the segment in the quarters ahead.
The segment's organic revenues grew 6.7% in the first quarter. Backed by strength across its businesses, the company provided a stable outlook. For 2024, it estimates the Transportation and Electronics segment's organic sales growth to be up in the low-single digits. For the year, 3M expects total adjusted organic sales to grow in the range of 0-2% year over year.
Structural Reorganization Actions: The company has been undertaking structural reorganization actions to reduce the size of its corporate center, streamline ...