![]() What is the outlook for the 3M share price over the long term? Let’s look at some analysts’ forecasts. It expects adjusted earnings per share ( EPS) of $10.30 to $10.80, down from $10.75 to $11.25. ![]() ![]() The company currently expects full year total sales growth of between -2.5% and -0.5%, compared with its previous guidance of 1% to 4% growth. dollar and uncertain macroeconomic environment.” “Looking ahead, we updated our adjusted full-year expectations largely due to the strength of the U.S. “In a challenging macroeconomic environment, 3M executed well and delivered solid earnings, while continuing to drive growth through investments in large, fast-growing areas,” the company’s chairman and CEO Mike Roman said. dollar.” Its net income dropped 94.9% to $78m, down from $1.524bn in the second quarter of 2021. In its second quarter financial results, 3M reported revenues of $8.7bn, down 3% year on year, which it attributed to a “negative 4 percentage point impact from foreign currency translation due to strength of U.S. On 1 September, 3M completed the separation of its food safety business, which subsequently became a wholly owned subsidiary of NeoGen. The company expects to complete the transaction by the end of 2023. The new 3M will remain a leading global material science innovator serving diverse end markets, with science and technology, manufacturing, global capabilities, and iconic brands.” 3M will retain a 19.9% stake in the health care business, which it intends to monetise over time “ to create long-term value”. Those juries have awarded the claimants in excess of $300 million dollars.”Īside from the legal cases, 3M is also in the process of spinning off its health care business into a standalone entity that will focus on becoming a “global diversified healthcare technology company focused on wound care, oral care, healthcare IT, and biopharma filtration.” In ten of those trials, juries found that 3M’s Combat Arms Earplugs were defective and the cause of the service members’ hearing loss and/or tinnitus. “Since the inception of this litigation in 2019, there have been 16 trials. The litigation began in 2018 when 3M agreed to a $9.1m settlement in July in a False Claims Act lawsuit that raised allegations the company knowingly supplied the US military with defective earplugs.Īccording to Aylstock Witkin Kreis & Overholtz, one of the law firms representing the plaintiffs: On 26 July, Aearo initiated Chapter 11 bankruptcy proceedings to help establish a $1.2bn trust fund to finance settlements. However, it fell sharply to $124.35 by the end of the month after a federal judge on 26 August blocked the company from using the bankruptcy filing of its Aearo Technologies subsidiary to avoid 230,000 lawsuits brought against it - veterans who suffered hearing impairment from using defective military earplugs are seeking damages. The stock traded around $140 to $150 until late June, when it dropped to the $130 level. The share price started 2022 at $177.74, then trended down to $144.38 on 23 February as the broader markets turned bearish. ![]() As of 18 October, the price was down by 40% from its 52-week high of $186.30 a share, closing at $113.69 on 14 October, having reached a nine-year low of $113.43 on 22 September. The MMM stock price reached an all-time closing high of $220.83 on 26 January 2018. Try demo MMM share price under lawsuit pressure The company has corporate operations in 70 countries. It has developed some of the world’s best-known brands, including Scotch, Post-It and Thinsulate, and holds more than 500 US patents. Today, 3M manufactures over 60,000 products organised across four business sectors: consumer safety and industrial transportation and electronics and health care. RCA first used 3M magnetic tape to record television programmes in 1954. 3M also discovered the formula for the Scotchgard water repellent for fabrics. In the 1950s, it began producing perfluorooctanoic acid (PFOA), which chemical firm DuPont purchased in 1951 to manufacture Teflon. The company instead began to develop alternative products, beginning with sandpaper. But the mining resource they owned turned out to be another low-grade mineral called anorthosite. 3M evolves from local mining firm to multinationalģM was founded as the Minnesota Mining and Manufacturing Company in 1902 by five businessmen to mine corundum, a mineral used to produce sandpaper and grinding wheels. Is the impact of the litigation now accounted for in the MMM stock price or is there scope for further downside? Is now a good time to buy the stock for a long-term investment or would it be better to go short? In this article we look at the stock’s recent performance and the latest 3M stock predictions.
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