Victory Capital Management Inc. Reduces Stake in 3M (NYSE:MMM)

Victory Capital Management Inc. decreased its holdings in shares of 3M (NYSE:MMM - Free Report) by 2.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 403,031 shares of the conglomerate's stock after selling 10,511 shares during the quarter. Victory Capital Management Inc. owned approximately 0.07% of 3M worth $55,094,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Ballentine Partners LLC increased its position in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate's stock worth $2,490,000 after buying an additional 5,210 shares during the period. Stonegate Investment Group LLC grew its position in 3M by 5.6% in the third quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate's stock valued at $34,564,000 after acquiring an additional 13,473 shares during the last quarter. Ausdal Financial Partners Inc. grew its position in 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate's stock valued at $408,000 after acquiring an additional 249 shares during the last quarter. Candriam S.C.A. grew its position in 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate's stock valued at $3,931,000 after acquiring an additional 6,185 shares during the last quarter. Finally, True Vision MN LLC bought a new position in 3M in the second quarter valued at about $512,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Price Performance

MMM traded down $1.39 during trading on Friday, reaching $130.23. 899,436 shares of the company were exchanged, compared to its average volume of 4,839,222. The company's 50-day moving average is $132.78 and its two-hundred day moving average is $117.60. The company has a market cap of $70.92 billion, a price-to-earnings ratio of 16.54, a P/E/G ratio of 2.17 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $141.34.

3M (NYSE:MMM - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion for the quarter, compared to analysts' expectations of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The firm's quarterly revenue was down 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.68 EPS. Research analysts forecast that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Friday, November 15th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, November 15th. This represents a $2.80 annualized dividend and a dividend yield of 2.15%. 3M's dividend payout ratio (DPR) is presently 35.35%.

Analyst Ratings Changes

MMM has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on 3M from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Monday, October 28th. Argus raised 3M from a "hold" rating to a "buy" rating and set a $145.00 price objective on the stock in a research note on Tuesday, July 30th. StockNews.com lowered 3M from a "buy" rating to a "hold" rating in a research note on Monday, July 29th. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft raised 3M from a "hold" rating to a "buy" rating and boosted their price target for the company from $110.00 to $150.00 in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $144.87.

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.