Brandywine Global Investment Management LLC Invests $58.30 Million in 3M (NYSE:MMM)

Brandywine Global Investment Management LLC bought a new position in 3M (NYSE:MMM - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 451,588 shares of the conglomerate's stock, valued at approximately $58,295,000. Brandywine Global Investment Management LLC owned approximately 0.08% of 3M as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new stake in shares of 3M in the third quarter worth approximately $329,000. Public Sector Pension Investment Board increased its stake in shares of 3M by 10.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 23,580 shares of the conglomerate's stock worth $3,223,000 after purchasing an additional 2,200 shares in the last quarter. Appian Way Asset Management LP bought a new position in shares of 3M in the third quarter worth about $5,586,000. Caisse DE Depot ET Placement DU Quebec purchased a new position in 3M during the third quarter valued at approximately $19,789,000. Finally, NCM Capital Management LLC lifted its stake in shares of 3M by 117.3% during the 3rd quarter. NCM Capital Management LLC now owns 12,710 shares of the conglomerate's stock valued at $1,737,000 after buying an additional 6,860 shares in the last quarter. Hedge funds and other institutional investors own 65.25% of the company's stock.

Analysts Set New Price Targets

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

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Insider Transactions at 3M

In other 3M news, Chairman Michael F. Roman sold 49,598 shares of the stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the sale, the chairman now directly owns 180,895 shares of the company's stock, valued at approximately $27,550,308.50. This trade represents a 21.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kevin H. Rhodes sold 6,743 shares of the firm's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the sale, the executive vice president now directly owns 4,902 shares in the company, valued at approximately $734,564.70. This trade represents a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

3M Stock Performance

Shares of MMM traded up $0.88 during trading hours on Tuesday, reaching $147.74. 3,489,496 shares of the company traded hands, compared to its average volume of 4,132,212. The company has a quick ratio of 1.08, a current ratio of 1.41 and a debt-to-equity ratio of 2.86. The business has a fifty day moving average price of $149.72 and a 200-day moving average price of $138.39. 3M has a 12-month low of $88.23 and a 12-month high of $156.35. The stock has a market capitalization of $79.68 billion, a P/E ratio of 19.57, a P/E/G ratio of 3.30 and a beta of 0.97.

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

3M Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were issued a $0.73 dividend. This is an increase from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio is 38.68%.

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.