Brandywine Global Investment Management LLC Has $119.27 Million Stock Holdings in 3M Company (NYSE:MMM)

Key Points

• Brandywine Global Investment Management LLC increased its stake in 3M Company by 79.8%, owning approximately $119.27 million worth of stock after acquiring an additional 360,545 shares in the first quarter.
• Insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock, marking a significant 68.01% decrease in his position following the sale.
• 3M Company reported $2.16 EPS for the quarter, exceeding analysts' estimates, while its average price target is currently set at $158.10 with various buy and sell ratings from research firms.

Brandywine Global Investment Management LLC increased its position in shares of 3M Company (NYSE:MMM - Free Report) by 79.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 812,133 shares of the conglomerate's stock after acquiring an additional 360,545 shares during the quarter. 3M comprises about 0.9% of Brandywine Global Investment Management LLC's investment portfolio, making the stock its 25th largest position. Brandywine Global Investment Management LLC owned approximately 0.15% of 3M worth $119,270,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Ensign Peak Advisors Inc lifted its stake in 3M by 29.2% in the fourth quarter. Ensign Peak Advisors Inc now owns 642,354 shares of the conglomerate's stock valued at $82,921,000 after buying an additional 145,146 shares during the period. Financial Gravity Asset Management Inc. acquired a new position in 3M in the first quarter valued at about $2,506,000. Synergy Asset Management LLC lifted its stake in 3M by 122.7% in the first quarter. Synergy Asset Management LLC now owns 4,512 shares of the conglomerate's stock valued at $663,000 after buying an additional 2,486 shares during the period. Northstar Group Inc. acquired a new position in 3M in the first quarter valued at about $262,000. Finally, Dynamic Advisor Solutions LLC acquired a new position in 3M in the first quarter valued at about $786,000. Institutional investors and hedge funds own 65.25% of the company's stock.

Insider Activity at 3M

In related news, insider Christian T. Goralski, Jr. sold 6,165 shares of 3M stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $150.18, for a total value of $925,859.70. Following the sale, the insider owned 2,900 shares of the company's stock, valued at approximately $435,522. This trade represents a 68.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the sale, the executive vice president directly owned 31,372 shares in the company, valued at approximately $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,401 shares of company stock valued at $2,600,803. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on MMM. Wells Fargo & Company reissued an "overweight" rating on shares of 3M in a research note on Friday, July 18th. Barclays set a $170.00 target price on 3M in a research note on Friday, July 18th. Royal Bank Of Canada increased their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a research note on Wednesday, April 23rd. Citigroup increased their price target on 3M from $141.00 to $160.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $158.10.

3M Stock Down 2.1%

Shares of 3M stock opened at $156.89 on Friday. 3M Company has a 1 year low of $121.98 and a 1 year high of $164.15. The business has a 50-day moving average of $150.84 and a two-hundred day moving average of $147.19. The company has a market capitalization of $83.56 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 3.10 and a beta of 1.05. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20.

3M (NYSE:MMM - Get Free Report) last announced its earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.01 by $0.15. 3M had a return on equity of 96.48% and a net margin of 16.01%. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same quarter last year, the firm earned $1.93 EPS. 3M's revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, equities analysts predict that 3M Company will post 7.8 EPS for the current year.

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.

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