Is It Too Late to Buy 3M Stock?
Industrial conglomerate 3M (NYSE: MMM) spent 2018 to 2023 on a slow and steady downward slide. Several problems have ailed 3M stock, including lawsuits, growth concerns, and financial constraints from an expensive dividend. Some much-needed changes over the past year have dramatically lifted the market's sentiment toward the stock.
3M slashed its dividend to free up cash flow, spun off its healthcare business, drew much closer to settling most of the lawsuits it faced, and introduced a new CEO in March. These changes helped 3M stock rally over 50% over the past 12 months.
Given that rapid rise over a relatively short timeframe, is it too late to buy shares of this rejuvenated industry legend? Here is what you need to know.
Source Fool.com
