3M Stock Crashed After Earnings, but One Director Just Bought Shares
3M stock (ticker: MMM) tumbled on April 26 to close with a 13% drop after the conglomerate missed first-quarter earnings estimates, slashed guidance, and said it would cut 2,000 jobs in a restructuring.
CEO Mike Roman said the quarter “was a disappointing start to the year for 3M,” in the company’s news release. We noted that on April 29, one analyst downgraded 3M stock to Hold from Buy and cut the target price to $185 from $222. The revised target price was below the market price at the time.
Reported by Barron’s