Cramer: 3M's Stock Quietly Hit All-Time Highs Thanks To Weak US Dollar

While financial media obsessed with high-flying tech stocks, particularly the "FANG" group, shares of Dow component 3M Co MMM "quietly" rallied 13 points since its last earnings report, CNBC's Jim Cramer noted during Mad Money" on Tuesday.

3M's stock is enjoying momentum because the company's end markets, particularly across the world, appear to be strengthening, Cramer stated. Only 40 percent of the company's business is U.S.-based and a "not that strong" U.S. dollar is helping not only 3M's organic growth in foreign markets, but currency aided growth.

Meanwhile, investors won't care that currency acts as a tailwind as, at the end of the day, it's counted as real earnings, Cramer added.

Who Else Is Winning?

3M isn't alone as other international industrial giants such as Honeywell International Inc. HON and United Technologies Corporation UTX boast similar product portfolios and more than 40 percent exposure to the weak U.S. dollar.

Meanwhile, non-industrial companies such as Procter & Gamble Co PG and Johnson & Johnson JNJ have been cautioning investors for some time that the U.S. dollar has been a headwind.

"Now the headwind will be a tailwind," Cramer said.

See Also:

Cramer's Quick Thoughts On Under Armour, Procter & Gamble

Jeff Immelt's Legacy, Or Lack Thereof