3M Company (NYSE:MMM) closed Friday at $164.01, down 2.36% for the session, a decline that wiped out most of the week's modest advance. Despite the sharp drop, the stock still managed a 0.48% gain for the week, ending at $164.01 from Monday's open of $163.22.
Friday's trading volume surged to 6.33 million shares, representing 168% of the 65-day average tracked by MarketWatch. The $3.96 decline in 3M's share price contributed approximately 24 points to the Dow Jones Industrial Average's 44.51-point loss for the day, accounting for more than half of the index's decline.
In after-hours trading, 3M rebounded 1.12% to $165.85 on volume of 1.01 million shares, suggesting some investor buying interest at the lower level.
The week's price action reflected a broader market rotation. The Dow Jones Industrial Average added 0.6% for the week, while the S&P 500 fell 2% and the Nasdaq composite lost 4.6%. On Friday, the S&P 500 was off less than 0.1%, and the Dow fell 0.1%.
Jay Hatfield, CEO at Infrastructure Capital Advisors, described the week as "a hedge-fund unwind," noting that cash moved from secular growth stocks into cyclical and defensive names. That shift initially boosted 3M for the week, but the stock failed to hold Thursday's close at $167.97.
3M shares remain close to their 52-week high of $177.41, with a low of $139.34. The stock's market capitalization stands at $85.54 billion, and its price-to-earnings ratio is 31.64. After Friday's close, the stock sits about 7.6% off its 52-week high.
The company's focus remains on margin improvement and pricing power rather than fresh sales growth. 3M reported first-quarter adjusted earnings per share of $2.14 and an adjusted operating margin of 23.8%. The company maintained its 2026 adjusted EPS guidance of $8.50 to $8.70. CEO William Brown called it a "good start to the year" and expressed confidence in achieving 2026 goals.
Oil-linked costs continue to be a key factor in guidance. Brown told analysts that 3M is leaning into pricing "a little bit more aggressively" and sees about $125 million in oil-related cost headwinds, or roughly 50 basis points on price. CFO Anurag Maheshwari said the price hikes started in April in parts of Asia and will reach the U.S. and Europe on May 1.
3M's April results showed margin gains that "more than offset approximately $145 million" in tariffs, costs, and investments, Reuters reported, quoting Maheshwari. He said first-half EPS should come in above the second half, setting up July guidance checks to carry more weight.
The upcoming week will be shortened due to the Independence Day holiday. The NYSE will close on Friday, July 3, with normal trading hours from 9:30 a.m. to 4:00 p.m. ET the rest of the week. Traders will be watching for a move above Thursday's $167.97 close and then the week's high of $169.76.
