Victory Capital Management Inc. Sells 134,228 Shares of 3M Company (NYSE:MMM)

Victory Capital Management Inc. cut its stake in 3M Company (NYSE:MMM) by 22.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 475,201 shares of the conglomerate’s stock after selling 134,228 shares during the quarter. Victory Capital Management Inc. owned 0.09% of 3M worth $69,788,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of 3M during the fourth quarter valued at approximately $636,767,000. Invesco Ltd. lifted its position in 3M by 51.6% during the fourth quarter. Invesco Ltd. now owns 4,468,549 shares of the conglomerate’s stock valued at $576,845,000 after purchasing an additional 1,520,619 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in shares of 3M in the fourth quarter worth about $175,110,000. Capital World Investors boosted its holdings in shares of 3M by 25.4% in the fourth quarter. Capital World Investors now owns 6,153,924 shares of the conglomerate’s stock valued at $794,410,000 after purchasing an additional 1,248,093 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of 3M by 321.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,097,747 shares of the conglomerate’s stock worth $141,708,000 after purchasing an additional 837,226 shares in the last quarter. Institutional investors own 65.25% of the company’s stock.

3M Stock Up 1.0%

3M stock opened at $159.21 on Friday. 3M Company has a 12 month low of $101.77 and a 12 month high of $161.40. The business has a 50 day simple moving average of $149.68 and a 200-day simple moving average of $145.26. The stock has a market capitalization of $85.68 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 3.07 and a beta of 1.02. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.66 and a quick ratio of 1.25.

3M (NYSE:MMM) last issued its earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.11. 3M had a return on equity of 96.19% and a net margin of 17.79%. The firm had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. On average, analysts anticipate that 3M Company will post 7.8 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 1.83%. 3M’s dividend payout ratio (DPR) is presently 36.87%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MMM shares. Citigroup lifted their target price on shares of 3M from $141.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, May 30th. Wells Fargo & Company reissued an “overweight” rating on shares of 3M in a research note on Friday. Weiss Ratings reissued a “hold (c+)” rating on shares of 3M in a research report on Saturday, July 12th. JPMorgan Chase & Co. set a $167.00 price objective on shares of 3M in a report on Friday. Finally, Barclays set a $170.00 target price on shares of 3M in a report on Friday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.33.

Insider Activity

In other news, EVP Zoe L. Dickson sold 7,915 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $149.02, for a total value of $1,179,493.30. Following the completion of the transaction, the executive vice president directly owned 6,127 shares of the company’s stock, valued at $913,045.54. This represents a 56.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the sale, the executive vice president owned 31,372 shares in the company, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.