Inman Jager Wealth Management LLC Takes $1.34 Million Position in 3M (NYSE:MMM)

Inman Jager Wealth Management LLC bought a new stake in shares of 3M (NYSE:MMM) in the 4th quarter, Holdings Channel reports. The firm bought 10,365 shares of the conglomerate’s stock, valued at approximately $1,338,000. 3M accounts for about 1.0% of Inman Jager Wealth Management LLC’s portfolio, making the stock its 28th largest holding.

A number of other hedge funds also recently added to or reduced their stakes in the company. Choreo LLC raised its holdings in 3M by 0.7% in the 4th quarter. Choreo LLC now owns 70,444 shares of the conglomerate’s stock worth $9,094,000 after acquiring an additional 513 shares during the last quarter. Massachusetts Wealth Management raised its holdings in 3M by 1.9% in the 4th quarter. Massachusetts Wealth Management now owns 14,974 shares of the conglomerate’s stock worth $1,933,000 after acquiring an additional 275 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in 3M by 38.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 118,288 shares of the conglomerate’s stock worth $15,330,000 after acquiring an additional 32,709 shares during the last quarter. James J. Burns & Company LLC purchased a new position in 3M in the 4th quarter worth approximately $1,235,000. Finally, Stephens Consulting LLC raised its holdings in 3M by 151.3% in the 4th quarter. Stephens Consulting LLC now owns 1,495 shares of the conglomerate’s stock worth $193,000 after acquiring an additional 900 shares during the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Stock Performance

3M stock opened at $152.43 on Thursday. The company has a debt-to-equity ratio of 2.86, a current ratio of 1.41 and a quick ratio of 1.08. 3M has a 1-year low of $75.40 and a 1-year high of $155.00. The firm has a market capitalization of $83.01 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 3.37 and a beta of 0.96. The company’s 50-day moving average is $135.98 and its 200 day moving average is $131.93.

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

3M Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 12th. Shareholders of record on Friday, February 14th will be paid a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. This represents a $2.92 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Friday, February 14th. 3M’s dividend payout ratio is currently 37.09%.

Insiders Place Their Bets

In other news, EVP Victoria Clarke sold 1,750 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 194 shares in the company, valued at approximately $29,918.68. This trade represents a 90.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total transaction of $944,098.74. Following the transaction, the insider now owns 5,024 shares in the company, valued at approximately $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last three months. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MMM shares. Wells Fargo & Company upgraded shares of 3M from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $140.00 to $170.00 in a report on Wednesday, January 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $130.00 to $184.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their target price on shares of 3M from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Mizuho lifted their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and issued a $96.00 target price on shares of 3M in a research report on Wednesday, January 22nd. Two 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, 3M presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.87.

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.