Herndon Capital Management LLC purchased a new stake in 3M Company (NYSE:MMM) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 67,939 shares of the conglomerate’s stock, valued at approximately $14,145,000. 3M makes up about 2.1% of Herndon Capital Management LLC’s portfolio, making the stock its 26th largest position.

A number of other institutional investors have also recently bought and sold shares of the business. Bank of New York Mellon Corp raised its holdings in 3M by 4.6% in the 1st 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 acquiring an additional 300,345 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in 3M by 3.9% in the 1st quarter. First Eagle Investment Management LLC now owns 4,413,897 shares of the conglomerate’s stock valued at $844,511,000 after acquiring an additional 167,491 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in 3M by 0.3% in the 1st quarter. Ameriprise Financial Inc. now owns 3,275,913 shares of the conglomerate’s stock valued at $626,792,000 after acquiring an additional 8,239 shares in the last quarter. American Century Companies Inc. raised its holdings in 3M by 37.1% in the 1st quarter. American Century Companies Inc. now owns 3,148,266 shares of the conglomerate’s stock valued at $602,358,000 after acquiring an additional 852,262 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in 3M by 3.4% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 2,796,201 shares of the conglomerate’s stock valued at $534,998,000 after acquiring an additional 92,789 shares in the last quarter. 66.31% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction 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 sale, the insider now owns 9,010 shares of the company’s stock, valued at $1,856,330.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction 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 sale, the vice president now directly owns 3,066 shares in the company, valued at approximately $633,619.56. The disclosure for this sale can be found here. In the last three months, insiders sold 9,112 shares of company stock worth $1,878,890. 0.58% of the stock is currently owned by insiders.

Several research firms have recently weighed in on MMM. Jefferies Group LLC reiterated a “buy” rating and issued a $234.00 price objective on shares of 3M in a research note on Wednesday, August 16th. BidaskClub lowered 3M from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research upgraded 3M from a “hold” rating to a “buy” rating and set a $223.00 price objective on the stock in a research note on Friday, May 26th. Bank of America Corporation reiterated a “buy” rating and issued a $225.00 price objective (up from $208.00) on shares of 3M in a research note on Tuesday, June 6th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $190.00 price objective (down from $191.00) on shares of 3M in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. 3M has a consensus rating of “Hold” and a consensus price target of $206.68.

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3M Company (NYSE:MMM) opened at 209.49 on Thursday. The firm has a market cap of $125.02 billion, a P/E ratio of 23.90 and a beta of 1.08. The stock has a 50 day moving average price of $204.38 and a 200-day moving average price of $200.55. 3M Company has a 1-year low of $163.85 and a 1-year high of $214.57.

3M (NYSE:MMM) last posted its 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). 3M had a return on equity of 47.83% and a net margin of 17.65%. The company had revenue of $7.81 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same period in the previous year, the firm posted $2.08 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. Equities research analysts forecast that 3M Company will post $8.94 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a $1.175 dividend. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $4.70 annualized dividend and a dividend yield of 2.24%. 3M’s dividend payout ratio is 53.59%.

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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