Victory Capital Management Inc. Has $55.09 Million Stake in 3M (NYSE:MMM)

Victory Capital Management Inc. reduced its holdings in shares of 3M (NYSE:MMM) by 2.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 403,031 shares of the conglomerate’s stock after selling 10,511 shares during the period. Victory Capital Management Inc. owned 0.07% of 3M worth $55,094,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Sei Investments Co. boosted its holdings in shares of 3M by 13.2% during the 1st quarter. Sei Investments Co. now owns 154,810 shares of the conglomerate’s stock worth $16,420,000 after buying an additional 18,054 shares in the last quarter. M&G Plc bought a new position in 3M during the first quarter worth $15,855,000. Poehling Capital Management INC. boosted its stake in 3M by 6.6% during the first quarter. Poehling Capital Management INC. now owns 69,623 shares of the conglomerate’s stock worth $7,385,000 after acquiring an additional 4,330 shares in the last quarter. Mizuho Markets Americas LLC grew its holdings in 3M by 119.3% in the first quarter. Mizuho Markets Americas LLC now owns 110,041 shares of the conglomerate’s stock worth $11,672,000 after purchasing an additional 59,854 shares during the period. Finally, Intech Investment Management LLC increased its stake in 3M by 3.1% in the first quarter. Intech Investment Management LLC now owns 29,553 shares of the conglomerate’s stock valued at $3,135,000 after purchasing an additional 875 shares in the last quarter. 65.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MMM shares. Citigroup raised their target price on 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $150.00 in a report on Monday, July 29th. Morgan Stanley began coverage on 3M in a report on Friday, September 6th. They set an “underweight” rating and a $125.00 price objective for the company. Mizuho increased their target price on 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.87.

3M Stock Up 0.7 %

MMM opened at $132.32 on Friday. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The company’s 50-day moving average is $132.76 and its 200 day moving average is $117.50. The firm has a market capitalization of $72.06 billion, a P/E ratio of 16.71, a PEG ratio of 2.16 and a beta of 0.95.

3M (NYSE:MMM) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion for the quarter, compared to the consensus estimate of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue was down 24.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.68 EPS. Research analysts expect that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Friday, November 15th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.12%. 3M’s dividend payout ratio (DPR) is presently 35.35%.

3M 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.