Franklin Resources Inc. Buys 178,450 Shares of 3M (NYSE:MMM)

Franklin Resources Inc. boosted its stake in shares of 3M (NYSE:MMM) by 26.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 845,401 shares of the conglomerate’s stock after acquiring an additional 178,450 shares during the period. Franklin Resources Inc. owned 0.16% of 3M worth $114,770,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. FSA Wealth Management LLC bought a new position in 3M during the 3rd quarter worth $27,000. MFA Wealth Advisors LLC bought a new position in 3M during the 2nd quarter worth $28,000. Daymark Wealth Partners LLC increased its stake in 3M by 8.6% during the 3rd quarter. Daymark Wealth Partners LLC now owns 217,745 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 17,211 shares during the period. McClarren Financial Advisors Inc. increased its stake in 3M by 118.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 223 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 121 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in 3M by 689.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 308 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 269 shares during the period. Institutional investors own 65.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MMM shares. Morgan Stanley started coverage on 3M in a report on Friday, September 6th. They issued an “underweight” rating and a $125.00 target price on the stock. Melius raised 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Bank of America raised their target price on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada raised their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. raised their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Performance

MMM stock opened at $129.92 on Monday. The stock has a 50-day moving average price of $131.32 and a 200-day moving average price of $122.52. 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. The firm has a market cap of $70.75 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. During the same period last year, the company posted $2.68 EPS. The business’s quarterly revenue was down 24.3% on a year-over-year basis. As a group, equities research analysts expect that 3M will post 7.27 earnings per share for the current year.

3M Announces Dividend

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

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.