3M Stock Soared in Q1 While the S&P 500 Struggled. Here's Why.

Given the tumultuous events in April, it's easy to forget that 3M (NYSE: MMM) stock is actually up on the year; at least, it is at the time of writing! That's due to an impressive first-quarter performance of 13.8%, according to data provided by S&P Global Market Intelligence.The increase reflects a growing confidence in CEO Bill Brown's plans to turn the company's fortunes around. Over the last decade, the company has been dogged by weak sales growth, a lack of innovation and new product introductions (NPI), uncertainty around its legal and financial exposure to its previous production of PFAS chemicals, and allegedly faulty combat arms earplugs. On top of that, the previous management spent a lot of time and money investing in the healthcare business, with little to show in overall improvement.The good news is that many of these issues are improving, and where it's too early for improvement, Brown has plans in action. For example, the healthcare business was spun off as Solventum last year, and 3M has made settlements over PFAS and combat arms earplugs, giving investors and management clarity around the payments to come.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool