Share prices of industrial giant 3M (NYSE: MMM) are down more than 50% from their 2018 highs. Numerous issues have led to this decline, but the really big ones involve legal issues. Where things go from here, meanwhile, will change dramatically in 2024 if the company's current plans play out as expected.

Historically, 3M was regarded as a highly innovative industrial company with a long history of growth behind it. However, the company's growth hasn't been all that impressive of late, and questions have arisen about its stagnating ability to innovate. As you might expect, investors have been downbeat about such issues. Still, businesses go through cycles of good times and bad times, so this alone isn't the end of the world.

Image source: 3M.

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Source Fool.com