3M (MMM) is up close to 1% today after reporting May sales.

Its sales have declined 21% on an organic basis but were down only 12% when adjusting for two fewer selling days compared to the year-ago period. All segments reported declines, with the largest due to a 30% sales drop in the company’s struggling transportation and electronics division.

It is interesting that the stock is moving higher on a down day for the market. The results that were reported will likely mean lower revenues and earnings estimates for the second quarter. However, I believe today’s trading demonstrates how 3M and its overall operational and financial strength will be rewarded by the very low-interest-rate environment Fed Chairman Jerome Powell is forecasting for at least the next two-and-a-half years.

With investors willing to pay higher prices for quality companies with bond-like qualities, 3M is a buy below $150. My target is $170.