5 Most Undervalued Industrial Stocks To Buy According To Hedge Funds

3. 3M Company (NYSE:MMM)

Number of Hedge Fund Holders: 52

Industrial giant 3M Company (NYSE:MMM) stock has been under pressure after the company posted weak Q4 results and also warned of sales declines this year. During the fourth quarter, 3M Company (NYSE:MMM)’s profits fell 60% to $541 million, or 98 cents a share, from $1.34 billion, or $2.31 a share, a year earlier. 3M Company (NYSE:MMM) said it was negatively affected by a strong dollar as it hit its overseas sales. 3M Company (NYSE:MMM) said that it expects market and macroeconomic challenges to continue in 2023. However, it said supply chains are improving. Despite this, 3M Company (NYSE:MMM) made investors happy by increasing its quarterly dividend. 3M Company (NYSE:MMM) declared a quarterly dividend of $1.50 per share, a 0.7% increase from the previous dividend of $1.49. Forward dividend yield came in at 5.13%. The dividend is payable on March 12.

As of the end of the fourth quarter of 2022, 52 hedge funds reported owning stakes in 3M Company (NYSE:MMM), up from 49 hedge funds in the previous quarter. The total value of these stakes was about $1.6 billion.