I reduce my percentage of paycheck down to 3% a bit ago, but wondering if people are selling? Or not contributing any more at all?
24 replies (most recent on top)
Our company will reduce dividends in the next year. Bankruptsy protection for remainco in next 3 years a risk (Chapter 11 reorganization not Chapter 7). When dividends are reduced, the stock will fall by at least 25%-40%. Also look for 3M to be ejected from the DOW in 2024. It's a job not an investment. Uninvestable.
Get out of it asap. Any percentage is an error in judgement.
What kind of financial nitwit is still investing in 3M shares these days eh??
There are numerous profitable firms to invest in. I got out realizing capital gains in 2007 before the Great Recession. Do your own research... your own thinking.
I sold off all my GESPP in Aug2023 at a 40% loss. OUCH!
Stopped. Investing in tech index funds is a much smarter choice. Every single one of my 3M GESPPs is underwater. Follow warren buffet’s #1 financial advice - Never lose money.
stopped buying it years ago and sold it all off years ago. If you are still investing in 3M through GESSP, you are throwing your money away. There are so many other options where you will get a better return. Remove the emotion and make financial decisions based on data. If I am correct, the board approved a 1 cent increase for the last dividend. That is factual data that any investor should use to make future purchases. Look at other companies who provide dividends - currently banking stocks, stanley, kroger (list is endless) that are much better than 3M and are growing both their bottom and top lines. I am not hating on our company but $$$ is $$$.
Absolutely stop.
tough one to call, there might be a slight increase in January when spin happens, but it depends on how the litigation is nearer that time, if it gets any where near 110 then sell maybe even 107 , in the next few months
I set mine for -10% so that they can buy back all my shares that aren’t worth $h1t
Are you out of your freaking mind?? Why would anyone buy 3M stock?
I sold most of it 2022 and reinvested on other stocks, in a matter of months I was able to recuperate my losses and grow my portfolio by 23%. Still have the ones on holding period and counting the days.
Never participated. Some 3M values never aligned to my own so thought I’d reflect my values by spending my dollars elsewhere; was told I was a complete id--t for not participating. Who’s the id--t now? Lol
I'm struggling to understand the risk/reward comment. Risk with 3M is high, what's the reward, a new brand of tape?
If you want risk/reward, why not dump 5% of your check into NVDA or TSLA?
Took a little longer to loose trust in the company ( I’m a glass half full guy), but have reduced my contribution to 0%after 6k job cuts were announced. Currently holding at 24% loss :(
Shame on you Mike and Moni
I agree with the previous commenter. My Financial Advisor also urged me to liquidate any company stock I had BEFORE the spin. Advised stock is typically worth less after a spin off. Sure wish I had executed that day. Instead I waited and lost even more money with the stock in free fall. Makes me sick.
Sold most of it in 2022 (including some at a significant loss) and am holding on to a minimal amount. As a recently eliminated employee I'll be moving my 401k and pension (lump sum) from Empower to another IRA. My financial advisor urged me just this past week to redistribute any 3M stock I had in my 401K to another fund which I promptly did. He's been in business for almost 40 years and saw far more risk than reward by me holding onto the stock.
For god sakes no one should be buying 3M stock at this point. Switch GESPP contributions to either a brokerage account or perhaps into 3M’s after-tax 401k (assuming you’ve already maxed out your regular/Roth 401k).
Turned off GESP. Sold half my shares last July
I’m contributing 5%. I waffle between keeping and canceling future contributions. It definitely is a high risk/high reward scenario.
I got out long ago, sold all the stock options I had that were worth anything at all.
If allowed to I'd short the stock down to about $20, which is what I think HC is worth as a spin-off.
Most 3M colleagues I know would never go out to the market and buy a single company stock. They'd call it too risky. But on the flip side they have no problem putting their money into 3M stock, believing the company is so generous to give them a discount.
Relying on 3M for your paycheck & your investment return is putting too many eggs in one basket. Go out and look at the SEC (Securities & Exchange Commission) Form 4 filings for 3M. You'll see that none of the executives are using their own money to buy 3M stock. They get awards as part of their compensation, but none of them reach into their own pockets to buy & they have the influence/decision making which could drive the stock price. If they're not buying, why should you?
All employees need to convince themselves that GESPP is one of the worst financial decisions you could make, especially at 3M.
I recently stopped buying through GESPP and I had been at 10% for many years. My plan is to gradually divest all 3M/RemainCo stock after the HCBG spin. Just not worth the dividend anymore when a significant rebound seems less likely than a potential bankruptcy within the next 5 years. A very wise colleague once told me it was not good to hold too much stock of the company you work for and that was when the stock price was high with no signs of trouble ahead. Should have listened then.
I stopped contributing long ago and even that was not soon enough. I was foolish and believed in 3M. Hard lessons learned and lots and lots of hard earned money lost, even with the employee discount. You would be wise to get out now and invest elsewhere unless you want capital gains losses. The future of the company looks very, very grim. (Disclaimer: not a Financial Advisor.) Good luck to you!