Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, September 1, 2023

Article Excerpt

3M COMPANY, $106.96, New York symbol MMM, remains a buy for long-term gains. The company makes over 60,000 consumer and industrial goods, including air purifiers, adhesives, bandages and components for medical devices. Its main brands include Post-it notes, Scotch tape, Scotch-Brite cleaning products, Scotchguard protection and Thinsulate insulation. This week, 3M agreed to settle claims regarding defects in earplugs it manufactured for the U.S. Army. The lawsuits allege that the earplugs caused hearing loss in combat soldiers. The company will pay a total of $6.0 billion, consisting of $5.0 billion in cash and $1.0 billion in common shares, between 2023 and 2029. As a result, 3M will record a one-time charge of $4.2 billion against its earnings in the third quarter of 2023. To put that in context, it lost $6.84 billion, or $12.35 a share, in the three months ended June 30, 2023. However, that figure includes a $10.3 billion charge to settle lawsuits related to the release of polyfluoroalkyl substances (PFAS) from 3M’s…