I just went through all of my 3M buys and sells over the last year. My first buy was at ~$163. Ouch. Over the last year I began buying on dips and selling when it moved up. I sold options last August which were called. Then I built another position in the low 1-teens in September and got out at the end of November at ~$125. As much as I like this company this last year was like dating a crazy person. For all my work I gained 1.5-2% and just happy to break even. I'll have to treat MMM as a trade over the next several years as they sort out their current issues and PFAS. Every ambulance chaser in the US has an ad on every media outlet for PFAS suits and these are equally difficult plaintiffs to ignore; firemen. Others of course but that's who will be on the lawsuit posters.
I will consider retaking a position around $100 which is roughly 10X future earnings. That will at least partially offset the lack of earnings growth and the possibility that lawsuits will eat up more profit than currently expected. If I owned shares today I would be selling out-of-the-money covered calls to help offset this downward cycle.
I think this is easily a $200 stock by 2030 so long term investors will likely do well. It's the roller coaster over the next few years that's puzzling. I'd like more of a discount to take that risk.
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