Van ECK Associates Corp purchased a new stake in shares of 3M Co (NYSE:MMM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 14,545 shares of the conglomerate’s stock, valued at approximately $2,861,000.

Several other hedge funds have also recently made changes to their positions in MMM. Rainier Group Investment Advisory LLC acquired a new position in 3M in the first quarter valued at about $114,000. Quattro Financial Advisors LLC acquired a new position in 3M in the first quarter valued at about $119,000. Stelac Advisory Services LLC acquired a new position in 3M in the first quarter valued at about $125,000. Avestar Capital LLC lifted its position in 3M by 161.2% in the second quarter. Avestar Capital LLC now owns 700 shares of the conglomerate’s stock valued at $130,000 after buying an additional 432 shares during the last quarter. Finally, Braun Bostich & Associates Inc. lifted its position in 3M by 221.7% in the second quarter. Braun Bostich & Associates Inc. now owns 698 shares of the conglomerate’s stock valued at $137,000 after buying an additional 481 shares during the last quarter. 66.94% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have commented on MMM. Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine cut shares of 3M from a “hold” rating to a “sell” rating in a research report on Thursday, June 21st. Barclays decreased their target price on shares of 3M from $210.00 to $201.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 25th. UBS Group boosted their price target on shares of 3M from $215.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, August 30th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $234.00 price target on shares of 3M in a research note on Wednesday, July 25th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $234.97.

In related news, insider Jon T. Lindekugel sold 6,410 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $203.01, for a total value of $1,301,294.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric D. Hammes sold 1,272 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $216.00, for a total value of $274,752.00. Following the completion of the transaction, the insider now directly owns 5,634 shares of the company’s stock, valued at $1,216,944. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

Shares of MMM opened at $209.53 on Tuesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.56 and a quick ratio of 1.08. The company has a market capitalization of $121.95 billion, a P/E ratio of 21.84, a price-to-earnings-growth ratio of 1.97 and a beta of 1.16. 3M Co has a 52-week low of $190.57 and a 52-week high of $259.77.

3M (NYSE:MMM) last announced its quarterly earnings results on Tuesday, July 24th. The conglomerate reported $2.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.58 by $0.01. The firm had revenue of $8.39 billion during the quarter, compared to the consensus estimate of $8.36 billion. 3M had a return on equity of 51.31% and a net margin of 13.44%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.58 earnings per share. sell-side analysts predict that 3M Co will post 10.37 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Friday, August 24th were issued a $1.36 dividend. This represents a $5.44 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Thursday, August 23rd. 3M’s dividend payout ratio (DPR) is 59.32%.

3M Company Profile

3M Company operates as a diversified technology company worldwide. The company's Industrial segment offers tapes; coated, non-woven, and bonded abrasives; adhesives; ceramics; sealants; specialty materials; purification products; closure systems for personal hygiene products; acoustic systems products; automotive components; and abrasion-resistant films, and paint finishing and detailing products.

Featured Story: Exchange-Traded Funds (ETFs)

Want to see what other hedge funds are holding MMM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 3M Co (NYSE:MMM).

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

Receive News & Ratings for 3M Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M and related companies with MarketBeat.com's FREE daily email newsletter.