3M (NYSE:MMM) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. raised its position in 3M (NYSE:MMM) by 9.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 925,534 shares of the conglomerate’s stock after purchasing an additional 80,133 shares during the period. Franklin Resources Inc.’s holdings in 3M were worth $119,477,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in 3M during the fourth quarter worth approximately $636,767,000. Amundi raised its stake in shares of 3M by 55.7% during the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock worth $337,815,000 after buying an additional 898,244 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of 3M by 321.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate’s stock valued at $141,708,000 after buying an additional 837,226 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in 3M in the 4th quarter valued at $103,788,000. Finally, Alliancebernstein L.P. increased its holdings in 3M by 26.6% in the 4th quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate’s stock worth $328,003,000 after acquiring an additional 533,753 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Victoria Clarke sold 1,750 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $154.22, for a total transaction of $269,885.00. Following the transaction, the executive vice president now owns 194 shares of the company’s stock, valued at $29,918.68. This represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the firm’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the completion of the sale, the insider now directly owns 5,024 shares of the company’s stock, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,639 shares of company stock worth $17,163,446. Company insiders own 0.34% of the company’s stock.

3M Trading Up 0.1 %

Shares of MMM stock opened at $147.85 on Thursday. The company has a market capitalization of $79.74 billion, a P/E ratio of 19.58, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The business’s 50 day moving average is $149.71 and its two-hundred day moving average is $138.56. 3M has a twelve month low of $89.54 and a twelve month high of $156.35.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.02. 3M had a net margin of 15.71% and a return on equity of 100.77%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period in the previous year, the company posted $2.42 EPS. 3M’s revenue was down 25.0% compared to the same quarter last year. Equities analysts forecast that 3M will post 7.8 EPS for the current year.

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 38.68%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MMM. Royal Bank of Canada reaffirmed an “underperform” rating and set a $96.00 price objective on shares of 3M in a report on Thursday, February 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of 3M in a report on Saturday, March 22nd. Barclays increased their target price on 3M from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price target on 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Bank of America raised their price objective on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.