3M (NYSE:MMM), headquartered in Minnesota, is a conglomerate with indus-trial, worker safety, healthcare and consumer components. Its shares fell in April after it reduced its earnings guidance for the year—something it has done more than once in recent quar-ters. Investors expect 3M to be a steady and reliable performer and seem to overlook the fact that some of its business lines are economically sensitive. 3M’s recent acquisition of a wound-care company got mixed reviews on Wall Street, but we have a posi-tive view of this transaction.
From First Eagle Global Value Fund's second-quarter 2019 shareholder letter.
