3M hits over 8-year high on 'forever chemicals' settlement, new stock buyback

** Shares of 3M MMM.N surge 8.5% to $192.11, highest since Mar 2018, on Weds after co announced it would commit $7.35 bln over nine years to settle PFAS "forever chemicals"-related personal-injury claims

** MMM shares on course for steepest one-day pct gain since Apr 9, 2025, when broader markets rallied after President Trump paused "Liberation Day" tariffs

** Late Tues, co said the settlement addresses about 99% of current personal-injury claims inside and outside the AFFF multi-district litigation, with about 115,000-120,000 plaintiffs eligible to participate

** It expects a $5.8 bln pre-tax charge in Q4 but says its previously issued forecast remains unchanged; payments include $50 mln in 2026 and none in 2027

** 3M did not admit liability and remains prepared to defend itself in litigation; remaining and future personal-injury claims would be managed through several settlement mechanisms

** Also late Tues, co announced up to $6 bln stock repurchase authorization, in addition to remaining $1.5 bln available under its existing 2025 authorization

** It also declared Q4 cash dividend of $0.78/sh, payable Dec 11, 2026 to holders of record as of Nov 13

** With the advance, shares up 20% YTD compared to 12% gain in S&P 500 .SPX

** Avg rating of 21 analysts is "buy"; median PT $192, per LSEG data