Franklin Resources Inc. Has $114.77 Million Stake in 3M (NYSE:MMM)

Franklin Resources Inc. lifted its position in shares of 3M (NYSE:MMM - Free Report) by 26.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 845,401 shares of the conglomerate's stock after acquiring an additional 178,450 shares during the period. Franklin Resources Inc. owned approximately 0.16% of 3M worth $114,770,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp lifted its holdings in shares of 3M by 0.7% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 116,993 shares of the conglomerate's stock valued at $15,993,000 after buying an additional 830 shares during the period. Tidal Investments LLC boosted its position in 3M by 44.7% in the third quarter. Tidal Investments LLC now owns 72,733 shares of the conglomerate's stock worth $9,943,000 after purchasing an additional 22,461 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its position in 3M by 255.1% in the third quarter. Wilmington Savings Fund Society FSB now owns 78,978 shares of the conglomerate's stock worth $10,796,000 after purchasing an additional 56,734 shares during the last quarter. World Investment Advisors LLC grew its stake in shares of 3M by 22.4% during the 3rd quarter. World Investment Advisors LLC now owns 11,768 shares of the conglomerate's stock valued at $1,609,000 after purchasing an additional 2,155 shares during the period. Finally, Sanctuary Advisors LLC increased its position in shares of 3M by 25.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 65,547 shares of the conglomerate's stock valued at $8,417,000 after purchasing an additional 13,193 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Bank of America boosted their target price on shares of 3M from $143.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price objective on 3M from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Monday, October 28th. Melius Research upgraded 3M from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Morgan Stanley initiated coverage on 3M in a research report on Friday, September 6th. They issued an "underweight" rating and a $125.00 price target for the company. Finally, UBS Group raised 3M from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $144.87.

3M Stock Down 0.3 %

NYSE:MMM traded down $0.45 during trading hours on Monday, hitting $129.47. The stock had a trading volume of 2,797,441 shares, compared to its average volume of 4,682,583. The business has a 50 day simple moving average of $131.32 and a two-hundred day simple moving average of $122.52. The company has a market cap of $70.50 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. 3M has a 1-year low of $75.40 and a 1-year high of $141.34. The company has a current ratio of 1.43, a quick ratio of 1.08 and a debt-to-equity ratio of 2.41.

3M (NYSE:MMM - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion for the quarter, compared to analysts' expectations of $6.06 billion. During the same period in the prior year, the company posted $2.68 earnings per share. The firm's quarterly revenue was down 24.3% on a year-over-year basis. Analysts predict that 3M will post 7.27 EPS for the current year.

3M Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. 3M's dividend payout ratio is presently 35.35%.

3M 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.