3M Repeats as Dow’s Most Woeful Stock
Industrial giant 3M Co. (NYSE: MMM) settled last week in as the worst-performing Dow Jones industrial stock of 2018 after nabbing the distinction the week before. Even though the stock added about 1.9% to its price last week, that wasn’t enough to make a difference. For the year to date, 3M stock is down 14.5%
The second-worst Dow stock so far this year is Procter & Gamble Co. (NYSE: PG), which is down 13.7%. That is followed by Walmart Inc. (NYSE: WMT), down 11.2%, Goldman Sachs Group Inc. (NYSE: GS), down 11.1%, and Caterpillar Inc. (NYSE: CAT), down 10.7%. Of the 30 Dow stocks, 16 are showing a loss to date in 2018.
The Dow regained the 25,000 level on Friday after a month in the doldrums. The blue-chip index added about 563 points over the course of the past week to close at 25,019.41, up about 2.3% from the previous Friday’s close. The Dow closed up less than 1% for the second quarter but down 1.8% for the first six months of 2018.
Michigan Governor Rick Snyder said Friday that the state plans to sue 3M as the manufacturer of chemicals found in contaminated water near military bases and industrial sites around the state. The governor sent a letter to the state attorney general requesting an immediate lawsuit filing against 3M and other companies that may have played a role in the contamination. In February, 3M agreed to a settlement of $850 million with the state of Minnesota in a similar case.
The Drucker Institute last week ranked 3M at number one in its Management Top 250 listing of business- and consumer-service companies. The institute is named for the late Peter Drucker, and the rankings are based on his ideas and writings over a long career. General Electric was ranked third behind Accenture in the category. The Wall Street Journal has the full list.
3M stock closed at $201.18 on Friday, up nearly 1% for the day in a 52-week range of $191.44 to $259.77. The 12-month consensus price target on the stock is $211.64. The company is scheduled to report second-quarter results on July 24.
Source: Read Full Article