Amundi Boosts Holdings in 3M with $734 Million Investment

Amundi significantly increased its holdings in 3M Company (NYSE:MMM) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased an additional 1,819,178 shares of the conglomerate's stock, bringing its total ownership to 4,536,148 shares. This represents a 67% increase in Amundi's holdings in 3M.

Amundi's stake in 3M is valued at approximately $734 million, accounting for about 0.88% of the company's outstanding stock. The conglomerate posted quarterly earnings per share (EPS) of $2.40, beating analysts' estimates of $2.25. Revenue reached $6.50 billion, a 2.5% increase from the same period last year.

Amundi is not alone in increasing its holdings in 3M. Other institutional investors such as Brighton Jones LLC and BI Asset Management Fondsmaeglerselskab A S also reported significant increases in their stakes during the second quarter.