Brandywine Global Investment Management LLC Makes New Investment in 3M (NYSE:MMM)

Brandywine Global Investment Management LLC bought a new stake in 3M (NYSE:MMM) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 SEC.

Other large investors have also made changes to their positions in the company. State Street Corp boosted its position in 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after buying an additional 302,900 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of 3M by 9.2% in the 4th quarter. Bank of New York Mellon Corp now owns 5,689,486 shares of the conglomerate’s stock worth $734,456,000 after acquiring an additional 479,621 shares in the last quarter. Norges Bank bought a new stake in 3M during the 4th quarter worth approximately $636,767,000. Charles Schwab Investment Management Inc. increased its holdings in 3M by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,577,045 shares of the conglomerate’s stock valued at $461,761,000 after purchasing an additional 17,228 shares in the last quarter. Finally, Amundi raised its position in 3M by 55.7% in the 4th quarter. Amundi now owns 2,511,095 shares of the conglomerate’s stock valued at $337,815,000 after purchasing an additional 898,244 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Down 2.5 %

3M stock opened at $144.74 on Friday. 3M has a twelve month low of $88.23 and a twelve month high of $156.35. 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 company has a 50 day moving average of $149.60 and a 200-day moving average of $138.23. The stock has a market capitalization of $78.58 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 3.30 and a beta of 0.97.

3M (NYSE:MMM) last released 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 firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.77 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. The company’s revenue was down 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 EPS. On average, equities research analysts anticipate that 3M will post 7.8 EPS 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 2.02%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s dividend payout ratio is 38.68%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an “underperform” rating and set a $96.00 price target on shares of 3M in a research note on Thursday, February 27th. Wells Fargo & Company raised 3M from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. Finally, Citigroup upped their price target on 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $149.13.

Insider Transactions at 3M

In related news, insider Rodriguez Beatriz Karin Chavez sold 1,645 shares of 3M stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $150.25, for a total transaction of $247,161.25. Following the completion of the transaction, the insider now owns 5,153 shares in the company, valued at approximately $774,238.25. This trade represents a 24.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now directly owns 5,024 shares in the company, valued at approximately $750,736.32. This trade represents a 55.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,639 shares of company stock valued at $17,163,446 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

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.