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

Franklin Resources Inc. lifted its stake in shares of 3M (NYSE:MMM - Free Report) by 9.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 925,534 shares of the conglomerate's stock after acquiring an additional 80,133 shares during the quarter. Franklin Resources Inc. owned about 0.17% of 3M worth $119,477,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Public Sector Pension Investment Board boosted its holdings in 3M by 10.3% during the third quarter. Public Sector Pension Investment Board now owns 23,580 shares of the conglomerate's stock valued at $3,223,000 after acquiring an additional 2,200 shares during the period. Benjamin Edwards Inc. grew its holdings in 3M by 2,947.5% in the 3rd quarter. Benjamin Edwards Inc. now owns 18,224 shares of the conglomerate's stock valued at $2,491,000 after buying an additional 17,626 shares during the last quarter. Ascent Group LLC increased its position in 3M by 7.9% in the 3rd quarter. Ascent Group LLC now owns 3,176 shares of the conglomerate's stock worth $434,000 after buying an additional 232 shares during the period. Investment Management Corp of Ontario lifted its holdings in shares of 3M by 73.4% during the third quarter. Investment Management Corp of Ontario now owns 21,204 shares of the conglomerate's stock worth $2,899,000 after buying an additional 8,978 shares during the last quarter. Finally, Motley Fool Asset Management LLC boosted its position in shares of 3M by 2.8% in the third quarter. Motley Fool Asset Management LLC now owns 22,110 shares of the conglomerate's stock valued at $3,030,000 after acquiring an additional 609 shares during the period. Institutional investors and hedge funds own 65.25% of the company's stock.

Remove Ads

3M Price Performance

NYSE:MMM traded down $13.12 during mid-day trading on Friday, reaching $126.62. 9,608,022 shares of the company were exchanged, compared to its average volume of 4,099,389. 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 stock has a market cap of $68.29 billion, a PE ratio of 16.77, a PEG ratio of 3.30 and a beta of 1.01. 3M has a 12 month low of $90.17 and a 12 month high of $156.35. The company has a fifty day moving average of $149.05 and a 200 day moving average of $138.58.

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

3M Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Stockholders of record on Friday, February 14th were paid a $0.73 dividend. This is a boost from 3M's previous quarterly dividend of $0.70. This represents a $2.92 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, February 14th. 3M's dividend payout ratio (DPR) is 38.68%.

Insider Transactions at 3M

In related news, EVP Victoria Clarke sold 1,750 shares of 3M stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $154.22, for a total value of $269,885.00. Following the completion of the sale, the executive vice president now directly owns 194 shares in the company, valued at $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael F. Roman sold 49,598 shares of the company's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $152.30, for a total transaction of $7,553,775.40. Following the transaction, the chairman now owns 180,895 shares in the company, valued at approximately $27,550,308.50. The trade was a 21.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,639 shares of company stock worth $17,163,446 over the last 90 days. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MMM has been the subject of a number of research analyst reports. Barclays upped their price objective on shares of 3M from $161.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Bank of America lifted their target price 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. Wells Fargo & Company raised shares of 3M from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Royal Bank of Canada restated an "underperform" rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of 3M in a research note on Saturday, March 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, 3M presently has an average rating of "Moderate Buy" and an average target price 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.