I Sold 3M Stock. Here's Why.
In the industrial sector, few names carry the same weight as 3M (NYSE: MMM), a company once known as Minnesota Mining and Manufacturing. It was such a beloved stock that its ticker simply replaced the name because that's what everyone on Wall Street called it anyway. However, even great companies will go through hard times at some point. And that's the backstory for why I sold most of my 3M stake.
In recent years, 3M's growth hasn't lived up to historical trends. That's not good and it has investors worried about the future. Adding to that is a broad sense that this once innovative industrial company hasn't been focusing enough on its research and development efforts. The Wall Street Journal even ran an expose highlighting the problem, which isn't a good look for management. These challenges are a big negative, but business is like a sine curve with regular ups and downs. It seems highly likely that 3M will muddle through these headaches to see better days.
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Source Fool.com
