The current high inflationary environment, rising interest rates, and recession fears have weighed on industrial stocks, including 3M. Now, the concerns around economic growth, rising raw-material prices, and supply chain disruptions are genuine, and industrial companies may likely see some pain in the near term. Looking at MMM stock, at current levels of around $146 per share, it trades at under 13x projected 2022 earnings of $10.85 on a per-share basis, which compares with an average of over 16x in the last three years.