5 Industrial Stocks That Are Must Buys According to Caxton Associates

3. 3M Company (NYSE:MMM)

Value of Caxton Associates’ 13F Position: $1.91 million

Number of Hedge Fund Shareholders: 51

One of 15 Important Stocks That are Losing Value in 2022, 3M Company (NYSE:MMM) shares have slumped by 27% year-to-date. That weakness prompted Caxton Associates to take a long position in the industrial and consumer goods company, buying 12,858 shares during Q1. Several other hedge funds did the same, as there was a 21% jump in the number of funds long MMM during the quarter.

Income investors should certainly be intrigued by 3M Company (NYSE:MMM)’s dividend, which is now yielding 4.6%, well above its historical highs. While the diversified industrial giant is facing some of the same supply chain and pricing challenges that many other companies are also facing, demand for its products remains strong.

Given the breadth of its overseas operations, forex fluctuations are heavily impacting 3M Company (NYSE:MMM), with CEO Mike Roman predicting a 3%-4% impact while speaking at the Bernstein Strategic Decisions Conference. The CEO further predicted a $300 million revenue impact from the lockdowns in China, which would be equivalent to nearly 1% of the company’s 2021 sales, as well as up to $50 million in raw materials inflation above and beyond what the company was modeling for.