Topic: How To Invest

Wall Street Stock Forecaster Hotline Friday, December 4, 2020

Article Excerpt

3M COMPANY, $172.46, New York symbol MMM, is still a buy for long-term gains. The company makes over 60,000 consumer and industrial goods, including Post-It notes, Scotch tape, Scotch-Brite cleaning products, Scotchguard fabric protection and Thinsulate insulation. 3M announced a new restructuring plan this week, which mainly involves cutting 3% of its workers. The company also plans to shift its focus to products for faster-growing markets, such as personal protective equipment, electric vehicles and home improvement. As a result, it expects to pay $250 million to $300 million in severance payments and other charges. To put those costs in perspective, 3M earned $1.41 billion, or $2.43 a share, in the third quarter of 2020. The plan should cut the company’s costs by $75 million to $100 million in 2021. Beyond that, it expects annual savings of between $200 million and $250 million. 3M is a buy. 3M recent coverage: December 2020 issue September 2020 issue CHEVRON CORP., $93.28, New York symbol CVX, remains a buy for…