3M Co. (MMM) - Get 3M Company Report shares traded lower Tuesday after analysts at RBC Capital Markets lowered their rating on the stock and investors reacted to a surprise profit warning from European industrial group BASF SE undefined .

RBC lead analyst Deane Dray lowered his assessment on 3M to sector perform, from a previous rating of outperform, and cut his price target on the stock by 15% to $176 per share, citing an "eroding" reputation as a "defensive, high-quality industrial."

3M was also pressured by Tuesday's heavy profit warnings from European chemicals group BASF, which cited the ongoing U.S.-China trade despite, as well as weakening demand in agricultural and automotive markets, for it new forecast of a 30% decline in 2019 earnings. 

3M will publish its second quarter earnings on July 25, with investors looking for a bottom line of $2.04 per share on revenues of just over $8 billion.

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3M shares were marked 1.54% lower Tuesday to change hands at $166.56 each, a move that would extend the stock's year-to-date decline to around 12.1% and value the St. Paul, Minnesota-based industrial group at just under $97 billion.

3M's disappointing first quarter profits, which showed a 10.8% slide in earnings an a near 5% slump in group revenues, prompted CEO Mike Roman to launch a group restructuring effort that aims to e-align the company into four business units.

The company also cut its full-year earnings forecasts to a range of $9.25 to $9.75 per share, down from a prior forecast of $10.45 to $10.90 per share, and slashed its organic sales growth forecast to a range of -1% to +2% from a previous estimate of 1% to 4%.

"The first quarter was a disappointing start to the year for 3M," Roman said at the time. "We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves.

"As a result, we have stepped up additional actions - including restructuring - to drive productivity, reduce costs, and increase cash flow as we manage through challenges in some of our end markets."