Norris Perne & French LLP MI raised its position in shares of 3M Company (NYSE:MMM) by 10.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,636 shares of the conglomerate’s stock after buying an additional 1,627 shares during the period. Norris Perne & French LLP MI’s holdings in 3M were worth $3,464,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of 3M by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock worth $1,309,651,000 after buying an additional 300,345 shares during the last quarter. First Eagle Investment Management LLC increased its position in shares of 3M by 3.9% in the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock worth $844,511,000 after buying an additional 167,491 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of 3M by 0.3% in the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock worth $626,792,000 after buying an additional 8,239 shares during the last quarter. American Century Companies Inc. increased its position in shares of 3M by 37.1% in the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock worth $602,358,000 after buying an additional 852,262 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of 3M by 3.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock worth $534,998,000 after buying an additional 92,789 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

3M Company (MMM) opened at 202.92 on Wednesday. The stock has a market capitalization of $121.10 billion, a price-to-earnings ratio of 23.15 and a beta of 1.08. The stock’s 50 day moving average is $206.57 and its 200-day moving average is $198.51. 3M Company has a 12 month low of $163.85 and a 12 month high of $214.57.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing analysts’ consensus estimates of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $2.08 earnings per share. On average, equities research analysts expect that 3M Company will post $8.94 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th will be given a dividend of $1.175 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a yield of 2.32%. 3M’s dividend payout ratio (DPR) is 53.59%.

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A number of analysts recently weighed in on the stock. Citigroup Inc. reissued a “buy” rating and issued a $229.00 price objective (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. BidaskClub lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Morgan Stanley reissued an “underweight” rating and issued a $191.00 price objective (down from $193.00) on shares of 3M in a research report on Monday, July 10th. Stifel Nicolaus reissued a “hold” rating and issued a $210.00 price objective on shares of 3M in a research report on Friday, July 28th. Finally, Zacks Investment Research lowered shares of 3M from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $206.68.

In other 3M news, insider Paul A. Keel sold 4,965 shares of 3M stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at $1,134,498.48. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Eric D. Hammes sold 1,428 shares of 3M stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.66, for a total transaction of $295,110.48. Following the transaction, the vice president now directly owns 3,066 shares in the company, valued at $633,619.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is currently owned by corporate insiders.

About 3M

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

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Institutional Ownership by Quarter for 3M (NYSE:MMM)

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