5 Worst Performing Dow Stocks YTD

2. 3M Company (NYSE:MMM)

Year-to-Date Share Price Performance as of October 11: -26.19%

Number of Hedge Fund Holders: 49

3M Company (NYSE:MMM) is one of the worst performing Dow stocks. It offers a variety of technological services in the United States and globally. The company is divided into four segments – Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. At the end of August 2023, S&P Global Ratings downgraded the credit rating of 3M Company (NYSE:MMM) it agreed to pay as much as $6 billion to resolve a legal dispute regarding its Combat Arms earplugs. S&P reduced 3M’s credit rating to BBB+, placing it just three steps above the speculative grade, commonly known as “junk” status. The rating outlook is still negative. S&P mentioned that while the settlement offers some clarity, it also results in an approximate $4 billion increase in adjusted debt. Overall, 3M Company (NYSE:MMM) stock has plummeted over 26% year-to-date as of October 11. 

According to Insider Monkey’s second quarter database, 49 hedge funds were bullish on 3M Company (NYSE:MMM), a decrease from 51 funds in the last quarter. Cliff Asness’ AQR Capital Management is a significant position holder in the company, with 1.62 million shares worth $161.82 million.

Here is what Mayar Capital has to say about 3M Company (NYSE:MMM) in its Q2 2022 investor letter:

“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.”