3M is a US company that manufactures and distributes a wide range of industrial products and solutions. It originally started as a small-scale mining venture but has now grown to a manufacturer of over 60,000 products found in many homes.
Recently 3M announced both poor Q4 results and a weak outlook for 2023. Furthermore, 3M stated that it would be laying off 2,500 workers as the economic outlook became uncertain. The majority of those workers would be leaving the manufacturing sector. However, 3M has a long history of dividend growth and raising dividends year by year.
So, does this make 3M a good stock to buy ahead of a strong seasonal pattern despite its recent weaker results? Over the last 20 years, 3M has put in gains 85% of the time. The average return has been 3.37% and the biggest loss was -13.79% in 2020.
Major Trade Risks: The major risk here is if there is further bad news/earnings for 3M.
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