Renaissance Investment Group LLC held its stake in 3M Company (NYSE:MMM) during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 2,501 shares of the conglomerate’s stock at the close of the 2nd quarter. Renaissance Investment Group LLC’s holdings in 3M were worth $520,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MMM. Capital Investment Counsel Inc grew its position in 3M by 7.0% during the 1st quarter. Capital Investment Counsel Inc now owns 2,889 shares of the conglomerate’s stock valued at $553,000 after purchasing an additional 189 shares during the last quarter. Covenant Asset Management LLC grew its position in 3M by 0.4% during the 1st quarter. Covenant Asset Management LLC now owns 5,159 shares of the conglomerate’s stock valued at $987,000 after purchasing an additional 20 shares during the last quarter. Abner Herrman & Brock LLC grew its position in 3M by 1.3% during the 1st quarter. Abner Herrman & Brock LLC now owns 6,174 shares of the conglomerate’s stock valued at $1,181,000 after purchasing an additional 78 shares during the last quarter. Nippon Life Insurance Co. grew its position in 3M by 12.6% during the 1st quarter. Nippon Life Insurance Co. now owns 25,618 shares of the conglomerate’s stock valued at $4,901,000 after purchasing an additional 2,869 shares during the last quarter. Finally, Wagner Bowman Management Corp grew its position in 3M by 0.5% during the 1st quarter. Wagner Bowman Management Corp now owns 17,136 shares of the conglomerate’s stock valued at $3,278,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

In other news, VP Eric D. Hammes sold 1,428 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the completion of the transaction, the vice president now directly owns 3,066 shares of the company’s stock, valued at approximately $633,619.56. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Frank R. Jr. Little sold 2,719 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $206.03, for a total value of $560,195.57. Following the transaction, the insider now directly 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 ninety days, insiders have sold 9,112 shares of company stock valued at $1,878,890. Corporate insiders own 0.58% of the company’s stock.

Several brokerages recently commented on MMM. J P Morgan Chase & Co downgraded shares of 3M from a “neutral” rating to an “underweight” rating and increased their price objective for the company from $185.00 to $201.00 in a research report on Wednesday. Royal Bank Of Canada reissued a “hold” rating and set a $209.00 price objective on shares of 3M in a research report on Friday, September 15th. Bank of America Corporation reissued a “buy” rating and set a $227.00 price objective on shares of 3M in a research report on Thursday, September 14th. Jefferies Group LLC reissued a “buy” rating and set a $234.00 price objective on shares of 3M in a research report on Wednesday, August 16th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $210.00 price objective 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 assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $207.35.

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3M Company (NYSE:MMM) traded down 1.75% during midday trading on Wednesday, reaching $209.82. 1,169,665 shares of the company’s stock were exchanged. 3M Company has a 52 week low of $163.85 and a 52 week high of $214.65. The firm has a market capitalization of $125.21 billion, a price-to-earnings ratio of 23.93 and a beta of 1.08. The firm’s 50 day moving average is $206.16 and its 200 day moving average is $201.42.

3M (NYSE:MMM) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 return on equity of 47.83% and a net margin of 17.65%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.08 earnings per share. On average, equities analysts anticipate that 3M Company will post $8.94 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Friday, August 25th were paid a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s payout ratio is 53.59%.

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.

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

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