Meanwhile, fears over a trade war also weighed on 3M, which gets less than 40 percent of its sales from the U.S.
On Thursday concerns over trade were renewed after the Trump administration announced tariffs on steel and aluminum imports from Canada, Mexico and the European Union would take effect at midnight. U.S. allies quickly fired back with retaliatory actions.
Still, Cramer believes 3M's move down has been "really excessive" and believes the stock is "just so cheap."
"Look, 3M is a very well-run company that's been doing a great job of improving itself," Cramer said.
For those who think the global economy is going to suffer because of trade problems or those who think the recent softness in a few of 3M's business lines will spread to other parts of the company, he could understand hating the stock if it was trading between $220 and $250.
On Thursday, shares of 3M closed down 1.45 points at $197.34.
At these levels, the stock is selling for 17 times next year's earnings estimates, which is roughly in-line with other large-cap, diversified industrials, Cramer pointed out.
However, 3M has more exposure to safer, less cyclical industries like health care and is a better-run company than almost all the others that sell at similar multiples, he added.
"If you do believe that the last quarter was a temporary blip, then the rebound could be terrific when 3M gets its act together," he said. "But even if you want to dump the stock, I believe you'll get a better chance to sell no matter what."
3M did not immediately respond to CNBC's request for comment.
Disclosure: Cramer's charitable trust owns shares of 3M.