Kayne Anderson Rudnick Investment Management LLC lowered its stake in shares of 3M Company (NYSE:MMM) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 84,507 shares of the conglomerate’s stock after selling 1,458 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in 3M were worth $17,594,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in 3M by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 6,844,989 shares of the conglomerate’s stock valued at $1,309,651,000 after buying an additional 300,345 shares during the period. First Eagle Investment Management LLC grew its position in 3M by 3.9% during the first quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock valued at $844,511,000 after buying an additional 167,491 shares during the period. Ameriprise Financial Inc. grew its position in 3M by 0.3% during the first quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after buying an additional 8,239 shares during the period. American Century Companies Inc. grew its position in 3M by 37.1% during the first quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after buying an additional 852,262 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in 3M by 3.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock valued at $534,998,000 after buying an additional 92,789 shares during the period. Institutional investors own 66.20% of the company’s stock.

Shares of 3M Company (NYSE:MMM) opened at 210.92 on Tuesday. The stock has a 50 day moving average of $206.16 and a 200-day moving average of $201.42. The stock has a market capitalization of $125.87 billion, a P/E ratio of 24.06 and a beta of 1.08. 3M Company has a one year low of $163.85 and a one year high of $214.65.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.08 earnings per share. Equities analysts forecast that 3M Company will post $8.95 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a dividend of $1.175 per share. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 dividend on an annualized basis and a dividend yield of 2.23%. 3M’s dividend payout ratio (DPR) is presently 53.59%.

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In related news, insider Paul A. Keel sold 4,965 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $206.16, for a total transaction of $1,023,584.40. Following the completion of the transaction, the insider now directly owns 5,503 shares in the company, valued at approximately $1,134,498.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total value of $560,195.57. Following the transaction, the insider now owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is currently owned by corporate insiders.

Several equities analysts recently weighed in on the stock. J P Morgan Chase & Co lowered shares of 3M from a “neutral” rating to an “underweight” rating and increased their price target for the company from $185.00 to $201.00 in a research report on Wednesday, September 20th. Royal Bank Of Canada reiterated a “hold” rating and set a $209.00 target price on shares of 3M in a research report on Friday, September 15th. Bank of America Corporation reiterated a “buy” rating and set a $227.00 target price on shares of 3M in a research report on Thursday, September 14th. Jefferies Group LLC reiterated a “buy” rating and set a $234.00 target price on shares of 3M in a research report on Wednesday, August 16th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $210.00 target price on shares of 3M in a research report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. 3M currently has a consensus rating of “Hold” and a consensus target price of $207.35.

3M Profile

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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