雅虎香港財經 25 Biggest Minnesota Companies and Stocks
In this article, we will be taking a look at the 25 Biggest Minnesota Companies and Stocks. To skip our detailed analysis, you can go directly to see the 5 Biggest Minnesota Companies and Stocks.
If all U.S. states were countries, Minnesota would be the 53rd biggest economy in the world with a GDP of $412 billion in 2021, according to the U.S. Bureau of Economic Analysis. This means that the state's GDP is bigger than Egypt, Denmark and Singapore. 27 companies headquartered in Minnesota are in the Fortune 500. Currently, Minnesota is a major contributor to agriculture in the U.S. and is the country's biggest producer of green peas, sweet corn and sugar beets and is home to major food processing companies which then turn crops into the finished product.
While Minnesota's economy has evolved, some industries which have dominated the last couple of centuries are still important contributors to the economy of the the state such as forestry. Further, even though iron ores are mostly depleted in a state which produced a large portion of total iron production in the world, taconite mining is still an important contributor to Minnesota's economy. Retail is another industry which has maintained a strong presence and some of the most popular retail chains in addition to being among the biggest retailers in the country, with thousands of locations maintained across the country.
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In June 2022, Minnesota's unemployment rate was just 1.8%, among the best in the country but it has declined in the last six months and in November 2022, unemployment in the state increased to 2.3%, though it is still the second lowest unemployment rate in the country right now, with only Utah outperforming Minnesota in this measure. Despite the slight increase in the past 6 months, there shouldn't really be a major cause for concern since the unemployment rate has been historically low and is still well below the average. Whether this continues in 2023 amid a recession still remains to be seen. According to DEED commissioner Steve Grove stated that Minnesota's economy has grown much faster than most other states in 2022 and has seen fourteen straight months of jobs growth while its labor participation rate being 67.9% in November.
To attract businesses to the state, Minnesota provides various incentives, grants and tax credits which could change the composition of the biggest Minnesota companies and stocks in the future. The Minnesota Department of Employment and Economic Development provides various such incentives including angel tax credit schemes, Urban Initiative Loan Program, Minnesota Job Creation Funding, Small Business Administration Financing Programs, Indian Business Loan Program and State Small Business Credit Initiative. The state also provides matching grants of up to $50,000 to support manufacturers in the state while private companies with $1 million to $50 million in revenue can receive customized information and guidance that will help the company grow.
The 25 biggest Minnesota companies and stocks includes some incredibly well-known companies with the number one company being among the biggest companies in the U.S. by revenue. Their combined revenue is around $713 billion while their combined market cap is over $968 billion. We initially obtained the biggest Minnesota companies from Fortune 500 though somehow, Cargill Inc. wasn't included there. We then calculated their market cap from Yahoo Finance and assigned 60% weightage to revenue and 40% to market cap. Where a company wasn't publicly linked, the company's rank was based on revenue. Due to some outlier massive increases, the average stock performance of these companies has been a loss of 1.2% over the last year. So, let's now take a look at Minnesota's largest companies starting with:
25. Donaldson Company, Inc. (NYSE:DCI)
Total revenue (in billions): $2.6
Total market cap as at 15th Jan 2023 (in billions): $7.5
Donaldson Company, Inc. (NYSE:DCI) is a filtration company which provides air filters to various industries including pharmaceuticals, chemicals and aerospace. Donaldson Company, Inc. (NYSE:DCI) has seen its market cap improve by 6.9% in the last one year.
24. Winnebago Industries, Inc. (NYSE:WGO)
Total revenue (in billions): $3.6
Total market cap as at 15th Jan 2023 (in billions): $1.9
Winnebago Industries, Inc. (NYSE:WGO) is a motorhome manufacturer whose share price fell by 13.8% in the last one year. However, Winnebago Industries, Inc.'s (NYSE:WGO) stock performance has improved more recently, increasing by 14.64% in the last 6 months and 17% in January YTD alone.
23. H.B. Fuller Company (NYSE:FUL)
Total revenue (in billions): $3.3
Total market cap as at 15th Jan 2023 (in billions): $4.0
H.B. Fuller Company (NYSE:FUL) is an adhesives manufacturing company which is considered to be one of the leading ethical companies in the industry. There hasn't been much change to the share price of H.B. Fuller Company (NYSE:FUL) which has declined slightly by 2.4%.
22. Bright Health Group, Inc. (NYSE:BHG)
Total revenue (in billions): $4.0
Total market cap as at 15th Jan 2023 (in billions): $0.6
Bright Health Group, Inc. (NYSE:BHG) has the lowest market cap in our list as the health insurance company's stock price has fallen by 94.6% n the last 5 years and 67.9% in the last year.
21. APi Group Corporation (NYSE:APG)
Total revenue (in billions): $3.9
Total market cap as at 15th Jan 2023 (in billions): $4.8
APi Group Corporation (NYSE:APG) provides specialty, safety and industrial services. In the last year, APi Group Corporation (NYSE:APG) saw its share price fall by 12.4%.
20. Patterson-UTI Energy, Inc. (NASDAQ:PTEN)
Total revenue (in billions): $5.9
Total market cap as at 15th Jan 2023 (in billions): $3.8
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) provides various equipment and tech which includes drilling and pressure pump services. It is the best performance stock among the biggest Minnesota companies and stocks, with its market cap jumping by 70.3% in the last one year. Despite this increase, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is still considered to be underpriced by Seeking Alpha, as oil price is expected to improve in 2023.
19. The Toro Company (NYSE:TTC)
Total revenue (in billions): $4.0
Total market cap as at 15th Jan 2023 (in billions): $12.1
The Toro Company (NYSE:TTC) manufactures various products which include lawn mowers, irrigation system supplies and snow blowers among others. Since 2019, The Toro Company (NYSE:TTC) has gained 46% in share price due to favorable change in revenue, a trend which has also resulted in a 17.2% gain in share price in the last year.
18. Securian Financial Group
Total revenue (in billions): $7.3
Total market cap as at 15th Jan 2023 (in billions): N/A
Securian Financial Group is a mutual holding company which provides various financial products and services including insurance.
17. Polaris Inc. (NYSE:PII)
Total revenue (in billions): $8.3
Total market cap as at 15th Jan 2023 (in billions): $6.2
Polaris Inc. (NYSE:PII) is the biggest automotive manufacturer in the state of Minnesota and produces snowmobiles, motorcycles and all-terrain vehicles. In the last one year, Polaris Inc. (NYSE:PII) has seen its market cap fall by 4.8%.
16. Thrivent Financial for Lutherans
Total revenue (in billions): $10.3
Total market cap as at 15th Jan 2023 (in billions): N/A
Thrivent Financial for Lutherans has nearly 2.3 million members and offers various financial products and services.
15. Fastenal Company (NYSE:FAST)
Total revenue (in billions): $6.0
Total market cap as at 15th Jan 2023 (in billions): $28.0
Fastenal Company (NYSE:FAST) is an industrial distributor / supply chain company which has over 21,000 employees currently. Currently, Fastenal Company (NYSE:FAST) operates over 3,200 locations. A poor start in the first couple of months in 2022 due to rising supply chain costs and reduced investor confidence has seen Fastenal Company's (NYSE:FAST) share price decline by 16.4%.
14. Hormel Foods Corporation (NYSE:HRL)
Total revenue (in billions): $11.4
Total market cap as at 15th Jan 2023 (in billions): $25.2
Hormel Foods Corporation (NYSE:HRL) is one of several food companies among the biggest Minnesota companies and stocks. Hormel Foods Corporation (NYSE:HRL) has had its market cap fall by 6.4% in the last one year.
13. Ecolab Inc. (NYSE:ECL)
Total revenue (in billions): $12.7
Total market cap as at 15th Jan 2023 (in billions): $44.0
Ecolab Inc. (NYSE:ECL) provides treatments for water for various users including for drinking and use in various industries. Currently, Ecolab Inc. (NYSE:ECL) has around 50,000 employees. With flat earnings, Ecolab Inc. (NYSE:ECL) share price is still considered to be too expensive, despite falling by 27.6% in the past year.
12. Xcel Energy Inc. (NASDAQ:XEL)
Total revenue (in billions): $13.4
Total market cap as at 15th Jan 2023 (in billions): $38.9
Xcel Energy Inc. (NASDAQ:XEL) is Minnesota's biggest utility company with over 3.7 million electric customers and over 2 million natural gas customers in multiple states. In the last year, Xcel Energy Inc. (NASDAQ:XEL) has seen its share price increase by 4%.
11. C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW)
Total revenue (in billions): $23.1
Total market cap as at 15th Jan 2023 (in billions): $11.0
C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) is the biggest transportation company in Minnesota, with 20 million annual shipments and $28 billion in freight under management. Currently, C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) has more than 100,000 customers and 85,000 contract carriers. C.H. Robinson Worldwide, Inc.'s (NASDAQ:CHRW) market cap has decreased by 14.2% in the last year alone.
10. Ameriprise Financial, Inc. (NYSE:AMP)
Total revenue (in billions): $13.4
Total market cap as at 15th Jan 2023 (in billions): $35.5
Ameriprise Financial, Inc. (NYSE:AMP) is the biggest financial services company in Minnesota and counts itself among the biggest Minnesota companies and stocks. In the past one year, Ameriprise Financial, Inc. (NYSE:AMP) has registered an increase of 4.4% in its market cap in the past year.
9. Land O'Lakes
Total revenue (in billions): $15.9
Total market cap as at 15th Jan 2023 (in billions): $N/A
Land O'Lakes is an agricultural cooperative which distributes products for more than 300,000 producers and handles over 12 billion liters of link each year.
8. General Mills, Inc. (NYSE:GIS)
Total revenue (in billions): $18.1
Total market cap as at 15th Jan 2023 (in billions): $48.6
General Mills, Inc. (NYSE:GIS) manufactures and sells branded process foods through retail stores. Some of the biggest brands owned by General Mills, Inc. (NYSE:GIS) include Häagen-Dazs, Trix, Cocoa Puffs, Pillsbury and Betty Crocker among others. One of the few companies to have a good 2022, General Mills, Inc. (NYSE:GIS) has seen its share price rise by 19.1%.
7. Best Buy Co., Inc. (NYSE:BBY)
Total revenue (in billions): $51.8
Total market cap as at 15th Jan 2023 (in billions): $19.0
Best Buy Co., Inc. (NYSE:BBY) is one of the biggest consumer electronics retailers in the country, which also operates internationally in Canada. Best Buy Co., Inc. (NYSE:BBY) also previously had operations in China and Mexico. While Best Buy Co., Inc. (NYSE:BBY) has lost 13% in stock value in the last year, analysts have warned that the company likely had a bad holiday season which could further impact financials and hence, share price.
6. U.S. Bancorp (NYSE:USB)
Total revenue (in billions): $23.7
Total market cap as at 15th Jan 2023 (in billions): $72.4
U.S. Bancorp (NYSE:USB) is the biggest banking company in Minnesota and among the 25 biggest Minnesota companies and stocks. Considered to be the fifth biggest banking institution in the U.S., U.S. Bancorp (NYSE:USB) has around 70,000 employees. In a disappointing year, U.S. Bancorp (NYSE:USB) has seen its share price fall by 23.9%.
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Disclosure: None. 25 biggest Minnesota companies and stocks is originally published at Insider Monkey.
