3M Closes Near 52-wk Low Post Results Misses & Litigation Concerns
3M (MMM) is a global science company that seems to never stop inventing. Using 46 technology platforms, their integrated team of scientists and researchers works with customers to create breakthroughs. Their inventions have improved daily life for hundreds of millions of people all over the world. With $30 billion in sales, their 90,000 employees connect with customers all around the world. Scientists, researchers, and marketers work across countries and across subjects to solve challenges big and small.
Recently, shares of 3M experienced a new low after the industrial products maker announced its first-quarter earnings in April. The company’s shares dropped to a 52-wk low of $168.43 and closed at 1.69.09 per share on Friday. JP Morgan analyst Stephen Tusa warned investors recently about the possibility of the future poor performance of 3M. Tusa expressed 3M’s second-quarter earnings to be “set to be weak” with “no sign of recovery.”
3M’s involvement in various lawsuits and litigation charges ranging from water contamination to defective ear protection is a major concern for its growing list of liabilities affecting its earnings, as per Tusa.
There is further speculation that they may need to cut their dividend for the first time in 37 years.