3 Reasons I Bought 3M Stock Despite Investor Fears

Is it really so bad at iconic industrial giant 3M (NYSE: MMM) that the company can't turn things around? I don't think so, but Wall Street apparently does and has put the stock on sale. Here's why I jumped at the chance to buy shares even while other investors were fearing the worst.

Although it seems like a very long time ago, the U.S. stock market fell into a bear market in early 2020. That was driven by COVID-19-related fears, and, at least so far, turned out to be a great time to buy stocks. At this point, the S&P 500 Index has basically recovered all of the losses, with some high-profile technology names posting truly stunning gains.

Overall, global industrial powerhouse 3M hasn't done quite as well as some other stocks (more on that in a second), but I'm still up on my purchase. That said, the stock is still worth a deep dive despite its recent gains. Here are three reasons why:

Source Fool.com