MMM - Is 3M a Millionaire Maker?
2024-07-20 04:03:00 ET
There is no way to sugarcoat it: 3M (NYSE: MMM) has not been a particularly rewarding investment over the past decade, with the price currently about 15% lower than where it was 10 years ago. But the real turning point came in 2018, when the industrial giant's legal and regulatory headwinds started to pick up. Since that high-water mark, the stock price has been cut in half. Is this a turnaround play that could make you a millionaire? Let's take a look.
The big negatives surrounding 3M are in the legal and regulatory spheres. For many years it has been fighting product liability claims driven by earplugs it sold to the military, contamination issues at facilities that created what are colloquially known as forever chemicals, and lawsuits that arose from the forever chemical contamination problem. 3M is almost certainly going to survive these problems, but the industrial company isn't going to be the same business it once was.
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Is 3M a Millionaire Maker?