Jacobi Capital Management LLC Has $2.62 Million Stock Position in 3M (NYSE:MMM)

Jacobi Capital Management LLC grew its position in 3M (NYSE:MMM) by 4.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,320 shares of the conglomerate’s stock after purchasing an additional 815 shares during the period. Jacobi Capital Management LLC’s holdings in 3M were worth $2,623,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in MMM. Proffitt & Goodson Inc. raised its position in 3M by 2.5% during the fourth quarter. Proffitt & Goodson Inc. now owns 8,037 shares of the conglomerate’s stock valued at $1,037,000 after acquiring an additional 195 shares in the last quarter. Metis Global Partners LLC raised its position in 3M by 2.0% during the fourth quarter. Metis Global Partners LLC now owns 26,317 shares of the conglomerate’s stock valued at $3,397,000 after acquiring an additional 506 shares in the last quarter. Terril Brothers Inc. bought a new position in 3M during the fourth quarter valued at approximately $5,225,000. SVB Wealth LLC bought a new position in 3M during the fourth quarter valued at approximately $2,510,000. Finally, Tufton Capital Management raised its position in 3M by 1.4% during the fourth quarter. Tufton Capital Management now owns 32,091 shares of the conglomerate’s stock valued at $4,143,000 after acquiring an additional 454 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Christian T. Goralski, Jr. sold 6,318 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the sale, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. The trade was a 55.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Victoria Clarke sold 1,750 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

3M Stock Up 3.1 %

MMM opened at $155.25 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $155.50. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. The firm’s fifty day moving average price is $142.73 and its two-hundred day moving average price is $135.42. The company has a market capitalization of $84.29 billion, a P/E ratio of 20.56, a P/E/G ratio of 3.30 and a beta of 0.96.

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

3M Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.92 dividend on an annualized basis and a yield of 1.88%. This is an increase from 3M’s previous quarterly dividend of $0.70. 3M’s payout ratio is currently 38.68%.

Analyst Ratings Changes

Several brokerages recently weighed in on MMM. Weiss Ratings reaffirmed a “hold (c)” rating on shares of 3M in a research report on Wednesday, February 19th. Citigroup raised their price objective on shares of 3M from $142.00 to $152.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their price target for the company from $130.00 to $184.00 in a research report on Wednesday, November 13th. Barclays lifted their price target 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. Finally, Bank of America lifted their price target on shares of 3M from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $148.87.

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.