Victory Capital Management Inc. raised its position in 3M (NYSE:MMM) by 26.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 895,237 shares of the conglomerate’s stock after acquiring an additional 184,608 shares during the quarter. Victory Capital Management Inc.’s holdings in 3M were worth $143,399,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Evolution Wealth Advisors LLC raised its holdings in 3M by 41.1% during the second quarter. Evolution Wealth Advisors LLC now owns 247 shares of the conglomerate’s stock worth $39,000 after purchasing an additional 72 shares in the last quarter. Blue Square Asset Management LLC acquired a new position in 3M in the 2nd quarter valued at about $43,000. Weaver Consulting Group raised its stake in 3M by 51.3% in the 2nd quarter. Weaver Consulting Group now owns 292 shares of the conglomerate’s stock valued at $46,000 after purchasing an additional 99 shares during the last quarter. Islay Capital Management LLC raised its stake in 3M by 250.0% in the 2nd quarter. Islay Capital Management LLC now owns 350 shares of the conglomerate’s stock valued at $55,000 after purchasing an additional 250 shares during the last quarter. Finally, ARK Investment Management LLC raised its stake in 3M by 38.3% in the 3rd quarter. ARK Investment Management LLC now owns 379 shares of the conglomerate’s stock valued at $61,000 after purchasing an additional 105 shares during the last quarter. Institutional investors own 64.57% of the company’s stock.
MMM has been the subject of several analyst reports. TheStreet raised shares of 3M from a “c+” rating to a “b” rating in a research note on Tuesday, October 27th. Credit Suisse Group boosted their target price on shares of 3M from $179.00 to $197.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Barclays boosted their target price on shares of 3M from $156.00 to $157.00 and gave the company an “underweight” rating in a research note on Wednesday, July 29th. Royal Bank of Canada boosted their target price on shares of 3M from $158.00 to $170.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their price objective on shares of 3M from $159.00 to $170.00 and gave the stock a “neutral” rating in a report on Wednesday, October 7th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $167.31.
In other news, SVP John Patrick Banovetz sold 2,228 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $164.81, for a total value of $367,196.68. Following the completion of the sale, the senior vice president now owns 10,506 shares in the company, valued at $1,731,493.86. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.42% of the stock is owned by corporate insiders.
MMM stock traded down $2.70 during midday trading on Tuesday, reaching $171.16. 13,443 shares of the company’s stock traded hands, compared to its average volume of 3,468,206. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.90 and a quick ratio of 1.37. 3M has a fifty-two week low of $114.04 and a fifty-two week high of $182.54. The business has a 50-day moving average price of $165.35 and a two-hundred day moving average price of $159.49. The company has a market capitalization of $100.29 billion, a P/E ratio of 20.38, a PEG ratio of 1.97 and a beta of 0.94.
3M (NYSE:MMM) last posted its earnings results on Sunday, November 1st. The conglomerate reported $2.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.26 by $0.17. 3M had a net margin of 15.65% and a return on equity of 44.77%. The business had revenue of $8.35 billion for the quarter, compared to analyst estimates of $8.38 billion. During the same quarter in the previous year, the business posted $2.58 EPS. The business’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, research analysts forecast that 3M will post 8.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 12th. Shareholders of record on Friday, November 20th will be paid a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Thursday, November 19th. 3M’s dividend payout ratio is presently 64.62%.
3M Company develops, manufactures, and markets various products worldwide. It operates through four business segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. The Safety and Industrial segment offers personal safety products, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules to industrial, electrical, and safety markets.
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