|Bid||172.00 x 800|
|Ask||172.44 x 800|
|Day's Range||171.54 - 173.16|
|52 Week Range||114.04 - 182.55|
|Beta (5Y Monthly)||0.92|
|PE Ratio (TTM)||20.23|
|Earnings Date||Jan 26, 2021|
|Forward Dividend & Yield||5.88 (3.42%)|
|Ex-Dividend Date||Nov 19, 2020|
|1y Target Est||174.44|
3M's (MMM) focus on enhancing its operating model will place it well to leverage from the recent global trends. Its restructuring actions will likely impact 2,900 jobs globally.
3M Company (NYSE: MMM) joins the growing list of large-cap companies laying off thousands of workers -- but investors should view this favorably, according to CNBC's Jim Cramer.Tough Action: Companies are making tough decisions to fire workers by the thousands, and it comes at a time when their top line is "not that bad," Cramer said on "Squawk on the Street." Investors need to distinguish "stocks from people," he said.In 3M's case, the company is letting go of 2,900 positions globally to generate $200 million to $250 million in annual pre-tax savings. To help with the loss of manpower, companies are tapping technology to create better analytics and generate superior efficiencies, Cramer said.> The year-end corporate restructuring/layoff reports are starting to pile up.> > * Exxon: 1500 jobs > * Conoco Philips: 500 jobs > * 3m: 2900 jobs$MMMhttps://t.co/wJotxAL4IM> > -- Carl Quintanilla (@carlquintanilla) December 3, 2020Related Link: 6 Cloud Stocks KeyBanc Likes Right NowHow It's Possible: Companies like Snowflake Inc (NYSE: SNOW) are able to help companies become more efficient by offering digital workflows that unlock productivity, Cramer said.Put differently, companies like Snowflake allow companies to do more with fewer workers, the CNBC host said.The trend of companies letting go of employees that are no longer "needed" may be part of the current "revolution" in technology, he said. "We have some amazing companies ... and they are doing things that make it so that you can -- I don't want to say get away with firing, but you just don't need to hire nearly as many people than you currently have," Cramer said. "And it's going to cause a ripple across the economy."See more from Benzinga * Click here for options trades from Benzinga * Warner Bros. Just Dealt Movie Theaters Another Huge Blow * Piper Sandler Likes Tyson Foods As A Reopening Play(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
3M (NYSE: MMM) CEO Mike Roman continues to restructure the company with a view to turning around the company's performance, something that's a key part of the investment case for the stock. The latest actions, announced today, will lead to a restructuring which will, according to the company, "impact approximately 2,900 positions globally.