3M Commonly known as Money, Money, Money, is no doubt a great company but they have seemed to take their eye off the road over the last 5 years in the industrial sector. No new or better products. Competition is catching up with much lower pricing.
3M +4% to 12m high because they cut the dividend by 54%*. Part of the reason for the cut was the spinoff of SOLV, but most of the reason for the cut was to improve the balance sheet and be better able to afford the PFAS and earplug legal liabilities that have been settled.
*The new annualized payout is $2.80, down from $6.04. At the current share price ($104.86), the new annualized payout is a yield of 2.7%.
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