5 New Stock Picks of Bruce Kovner’s Caxton Associates

3. 3M Company (NYSE:MMM)

Caxton Associates’ Stake Value: $1,914,000

Percentage of Caxton Associates’ 13F Portfolio: 0.15%

Number of Hedge Fund Holders: 51

3M Company (NYSE:MMM) is a diversified technology company that operates through four segments – Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. 3M Company (NYSE:MMM) is a reliable dividend king, with 62 consecutive years of dividend increases under its belt. The company’s dividend yield on July 15 stood at 4.58%. 

Securities filings for Q1 2022 reveal that Caxton Associates added 3M Company (NYSE:MMM) to its portfolio by purchasing 12,858 shares worth $1.9 million, representing 0.15% of the total 13F holdings. 

Deutsche Bank analyst Nicole DeBlase on July 13 reiterated a Hold rating on 3M Company (NYSE:MMM) and lowered the price target on the stock to $146 from $164. The analyst sees a “difficult” Q2 landscape for the multi-industry group. Companies are not yet reporting indications of demand weakness, which means estimates are possibly too high, the analyst told investors. 

According to Insider Monkey’s data, 51 hedge funds were bullish on 3M Company (NYSE:MMM) at the end of Q1 2022, up from 41 funds in the prior quarter. Ken Fisher’s Fisher Asset Management featured as the largest stakeholder of the company, with 6 million shares worth $898 million.