The post After five-year hiatus, 3M is surprisingly the best-performing Dow stock in 2024 appeared on BitcoinEthereumNews.com.

3M stock is outperforming the other 29 Dow Jones stocks YTD. 3M shares fell in value by two-thirds between early 2018 and late 2023. Analysts have upgraded 3M now that lawsuits have been settled. Weekly chart shows bullish break above five-year resistance trendline.   After years of underperformance, 3M (MMM) is now the best-performing stock in the Dow Jones Industrial Average (DJIA) year to date. By coming to terms with a number of high-profile lawsuits, cutting its dividend for the first time in more than half a century and demonstrating increased profitability in quarterly results in July, 3M stock now appears to be in a technical uptrend for the first time since 2018.  3M stock’s 47% gain this year has led the DJIA to a 10.3% gain so far, although heavier index weightings for Goldman Sachs (GS) and American Express (AXP) have played an outsized role. Despite broad market turbulence at the beginning of August, the DJIA reached an all-time high last week.  3M stock news 3M has performed so well in 2024 due to its recovery from a historic multiyear sell-off. MMM shares cascaded off all-time highs above $217 at the start of 2018 to a decade-long low of $71.35 in October 2023.  A great weight has been lifted off the shoulders of 3M shareholders this year as management was finally able to agree to terms with plaintiffs regarding defective combat earplugs and PFAS chemicals in drinking water — the latter of which are often termed “forever chemicals”. After 65 years of increasing its dividends, 3M management bit the bullet and cut its quarterly payout from $1.25 to $0.70 per share earlier this year in order to fund its settlements. In June the company agreed to pay over $10 billion over a 13-year period to settle lawsuits with US municipal…

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Filed under: News - @ September 3, 2024 2:24 pm