3M (NYSE:MMM) has traditionally not been the go-to name for playing industrial/economic recoveries, as the company's more conservative approach typically makes it more of a bear market favorite. CEO Inge Thulin has subtly changed a lot about this company, though, and it may be the case that this company is moving more toward an "all seasons" performer than is commonly thought.
In any case, 3M has done a little better than I expected since my last update, with the shares outperforming peers like Honeywell (NYSE:HON), Illinois Tool Works (NYSE:ITW), Danaher (NYSE:DHR), and General Electric (NYSE:GE). 3M shares are not cheap by any conventional sense of that word, but the shares do appear priced for a mid-to-high single-digit total return and the company's deployable capital and focus on continuous incremental improvement both argue in its favor as a holding.
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3M's Rinse-And-Repeat Model Serving It Well