Victory Capital Management Inc. Sells 492,899 Shares of 3M (NYSE:MMM)

Victory Capital Management Inc. cut its holdings in shares of 3M (NYSE:MMM) by 54.4% during the 2nd quarter, Holdings Channel reports. The firm owned 413,542 shares of the conglomerate’s stock after selling 492,899 shares during the period. Victory Capital Management Inc.’s holdings in 3M were worth $42,260,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Tributary Capital Management LLC acquired a new position in 3M in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. lifted its position in 3M by 419.1% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 197 shares during the period. MFA Wealth Advisors LLC acquired a new stake in 3M during the second quarter worth about $28,000. Northwest Investment Counselors LLC bought a new position in 3M in the 1st quarter valued at about $32,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of 3M in the 2nd quarter valued at approximately $33,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Down 0.1 %

Shares of MMM opened at $128.46 on Tuesday. The stock’s 50-day moving average price is $119.04 and its two-hundred day moving average price is $105.43. 3M has a 12 month low of $71.12 and a 12 month high of $134.99. The company has a market capitalization of $70.57 billion, a PE ratio of -10.10, a PEG ratio of 2.38 and a beta of 0.95. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95.

3M (NYSE:MMM) last announced its earnings results on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, beating the consensus estimate of $1.68 by $0.25. The business had revenue of $6.26 billion for the quarter, compared to analysts’ expectations of $5.85 billion. 3M had a return on equity of 112.92% and a net margin of 3.08%. During the same period in the prior year, the business posted $2.17 earnings per share. On average, analysts anticipate that 3M will post 7.2 EPS for the current year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Monday, August 26th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Monday, August 26th. 3M’s dividend payout ratio is presently -22.01%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Argus raised shares of 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. Wells Fargo & Company boosted their price target on 3M from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upgraded 3M from a “hold” rating to a “buy” rating and upped their price objective for the stock from $110.00 to $150.00 in a research report on Monday, July 29th. Barclays boosted their target price on 3M from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Citigroup raised their price target on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $124.43.

Insider Activity at 3M

In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now owns 4,364 shares of the company’s stock, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.