3M’s Disastrous First-Quarter Results Represent CEO Mike Roman’s First Challenge at the Helm
Wide-moat 3M’s first-quarter earnings were nothing short of a swing and a miss. We’ve been longtime fans of the company and its unique corporate culture. Even so, we think the 13% decline in the stock’s market price April 25 was largely foreseeable (at least at some juncture in the future), as we indicated by our 2-star rating before the April 25 announcement. Around this time last year, our fair value estimate represented the lowest price target in consensus estimates. As we built our bottom-up...3M is a technology company. The company has four segments: Safety and Industrial, which consists of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules; Transportation and Electronics, which consists of electronics, automotive and aerospace, commercial solutions, advanced materials, and transportation safety; Health Care, which includes medical solutions, oral care, separation and purification sciences, health information systems, drug delivery systems, and food safety; and Consumer, which consists of home improvement, stationery and office supplies, home care, and consumer health care.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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