Franklin Resources Inc. Has $119.48 Million Stock Position in 3M (NYSE:MMM)

Franklin Resources Inc. lifted its stake in 3M (NYSE:MMM) by 9.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 925,534 shares of the conglomerate’s stock after buying an additional 80,133 shares during the period. Franklin Resources Inc. owned approximately 0.17% of 3M worth $119,477,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of MMM. Alliancebernstein L.P. raised its stake in 3M by 26.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,540,883 shares of the conglomerate’s stock worth $328,003,000 after buying an additional 533,753 shares during the last quarter. Meeder Asset Management Inc. raised its position in 3M by 230.1% in the 4th quarter. Meeder Asset Management Inc. now owns 307 shares of the conglomerate’s stock valued at $40,000 after buying an additional 214 shares during the last quarter. Hazlett Burt & Watson Inc. bought a new position in shares of 3M during the fourth quarter valued at about $27,000. Wellington Management Group LLP grew its holdings in shares of 3M by 0.4% in the fourth quarter. Wellington Management Group LLP now owns 614,438 shares of the conglomerate’s stock valued at $79,318,000 after acquiring an additional 2,681 shares in the last quarter. Finally, Skba Capital Management LLC grew its stake in 3M by 1.5% in the 4th quarter. Skba Capital Management LLC now owns 98,620 shares of the conglomerate’s stock valued at $12,731,000 after purchasing an additional 1,450 shares during the period. 65.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total value of $269,885.00. Following the transaction, the executive vice president now owns 194 shares in the company, valued at approximately $29,918.68. This represents a 90.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.95, for a total transaction of $346,234.55. Following the sale, the chief accounting officer now owns 4,417 shares of the company’s stock, valued at approximately $662,329.15. The trade was a 34.33 % decrease in their ownership of the stock. 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. 0.34% of the stock is currently owned by insiders.

3M Stock Up 0.1 %

Shares of MMM stock opened at $147.85 on Thursday. 3M has a 1-year low of $89.54 and a 1-year high of $156.35. The company has a market cap of $79.74 billion, a price-to-earnings ratio of 19.58, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The stock’s fifty day moving average price is $149.71 and its 200 day moving average price is $138.56.

3M (NYSE:MMM) last released its earnings results on Tuesday, January 21st. The conglomerate reported $1.68 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period last year, the business earned $2.42 EPS. 3M’s revenue for the quarter was down 25.0% on a year-over-year basis. On average, research analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

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

Analysts Set New Price Targets

MMM has been the topic of several research reports. Wells Fargo & Company upgraded 3M from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $140.00 to $170.00 in a research note on Wednesday, January 22nd. Citigroup boosted their price target on shares of 3M from $142.00 to $152.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Bank of America boosted their price objective on shares of 3M from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their price objective on 3M from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, Barclays raised their target price on 3M from $161.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.13.

About 3M

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.