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3M (NYSE:MMM) shares closed at a nearly 10-year low Friday, ending -1.3% to cap a nearly 5% drop since February 21, when Home Depot reported disappointing Q4 earnings and said it sees the home improvement market declining if consumer demand continues to shift toward services from goods.
That would be bad news for 3M (MMM), whose home improvement related revenues totaled $538M in Q4, or 43% of its $1.25B consumer segment.
3M’s (MMM) closing price of $107.80 was its lowest since May 2, 2013, and the stock has dropped 24.5% during the past six months.
Earlier this month, reports said a major 3M (MMM) shareholder expressed doubts about CEO Mike Roman and suggested the company may need a new leader.
In January, the company reported Q4 adjusted earnings that came in short of Wall Street consensus and said it expected sales to decline this year.
3M (MMM) shares have lost 12% so far this year and 25% during the past 12 months.