3M Raises Guidance and Changes CEO: Is the Stock a Buy?
Industrial giant 3M (NYSE: MMM) had a remarkable run on Wall Street last week, with its stock soaring by a double-digit percentage thanks to a wave of positive news. This surge in stock value, coupled with the stock's undervaluation, a near 5.8% dividend yield, and its potential as a turnaround play following a pending management restructuring and the spinoff of its healthcare business, Solventum, all point to a promising investment opportunity. Could this be the right time to consider buying 3M stock?
First, let's recap the recent news, taking the issues in order:
The change of CEO is unusual and usual at the same time. It's unusual in that Brown is not a 3M veteran (Roman has been at the conglomerate since 1988), and his background at Harris and then L3 Harris is in defense -- an area that 3M has little exposure to.
Source Fool.com
