5 Best Dividend Stocks to Buy According to Kenneth A. Moffet’s Hourglass Capital

4. 3M Company (NYSE:MMM)

Number of Hedge Fund Holders: 51
Dividend Yield as of June 2: 4.07%
Hourglass Capital’s Stake Value: $4,682,000

3M Company (NYSE:MMM), an American multinational manufacturing company, delivered a solid start to 2022, posting an EPS of $2.65 in the first quarter, which surpassed analysts’ expectations by $0.34. The company generated revenue of $8.83 billion, beating estimates by $81.35 million. Following the company’s first-quarter results, in April, Credit Suisse set a $161 price target on 3M Company (NYSE:MMM), but kept a Neutral rating on the shares, noting the supply chain issues faced by the company.

As per Insider Monkey’s Q1 2022 data, 51 hedge funds were bullish on 3M Company (NYSE:MMM), showing growth from 41 funds in the previous quarter. The consolidated value of these stakes stood at over $1.53 billion. Among these hedge funds, Fisher Asset Management was the leading stakeholder of the Minnesota-based company in Q1 2022, with stakes worth over $898 million.

In Q1 2022, Hourglass Capital increased its position in 3M Company (NYSE:MMM) by 44%, owning 31,450 MMM shares, worth roughly $4.7 million. The company represented 1.46% of Kenneth A. Moffet’s portfolio.

In May this year, 3M Company (NYSE:MMM) declared a quarterly dividend of $1.49 per share, consistent with the previous dividend. The company maintains a 63-year track record of consistent dividend growth, with a five-year CAGR of 5.38%. As of June 2, the stock’s dividend yield stood at 4.07%.