With a forward P/E ratio of less than 10, and a great dividend yield of 6.5%, industrial conglomerate 3M Company (NYSE: MMM) looks for all the world like a high quality large-cap dividend stock trading for a bargain price. But looks can be deceiving.

Earlier this month, my fellow Motley Fool contributor Travis Hoium posted a point-by-point explanation for why he is not currently (and may not ever again be) interested in buying 3M stock. Just a few days later, RBC Capital analyst Deane Dray chimed in with a warning of his own: 3M stock is going to just $84 a share, which would cost investors as much as a 9% loss from the closing price notched just before Street Insider posted the RBC analyst news.

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Source Fool.com