The stock of 3M Company (NYSE: MMM) is down nearly 14% so far in 2019 versus a roughly 20% gain for the S&P 500 index. The industrial giant's laggard performance is actually a longer theme, with the stock starting to head generally lower in early 2018 while the S&P continued to rise. At this point, 3M is 36% below its early 2018 peak. On the surface, this looks like a great buying opportunity, but you need to dig a little further into what Wall Street is seeing before you consider jumping aboard.
The first thing to consider about 3M today is its price. Yes, it has fallen hard in a relatively short period of time. Not only is it lagging well behind the S&P 500 index, but it is also drastically underperforming the industrial peer group, using Vanguard Industrials ETF as a proxy. Vanguard Industrials ETF is up 20% so far in 2019 and, like the S&P, continued to head higher while 3M's stock has sunk lower and lower.
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