5 Best Industrial Dividend Stocks To Buy Now

3. 3M Company (NYSE:MMM)

Number of Hedge Fund Holders: 54 

Dividend Yield as of October 13: 5.47%

3M Company (NYSE:MMM) operates as a diversified technology company worldwide. It is one of the premier industrial stocks to invest in. On August 31, the company announced that it would be eliminating jobs as part of the broader cost cutting drive. The scope of the cutting was not revealed but a senior executive at the firm said that the business cannot avoid this tough necessity. 

On September 9, UBS analyst Chris Snyder upgraded 3M Company (NYSE:MMM) stock to Neutral from Sell with a price target of $126, up from $118, highlighting that valuation on the stock now fully accounts for the company’s litigation liability and broader overhang. 

In its Q2 2022 investor letter, Mayar Capital, an asset management firm, highlighted a few stocks and 3M Company (NYSE:MMM) was one of them. Here is what the fund said:

“We also bought back into 3M (NYSE:MMM) as the stock reached attractive levels. We’d sold our shares in 3M last year when the price exceeded our estimated fair value, and as better opportunities to invest in presented themselves at the time. Nonetheless, we’ve always liked this business with its diversified revenues, its R&D leadership and its stable margins.”