Range Financial Group LLC Acquires 1,710 Shares of 3M (NYSE:MMM)

Range Financial Group LLC grew its holdings in shares of 3M (NYSE:MMM) by 52.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,982 shares of the conglomerate’s stock after buying an additional 1,710 shares during the quarter. Range Financial Group LLC’s holdings in 3M were worth $643,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Lantz Financial LLC boosted its holdings in shares of 3M by 8.0% in the 2nd quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate’s stock valued at $252,000 after buying an additional 183 shares during the last quarter. Candriam S.C.A. lifted its stake 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. Advisor OS LLC grew its position in shares of 3M by 12.5% in the 2nd quarter. Advisor OS LLC now owns 2,648 shares of the conglomerate’s stock valued at $271,000 after acquiring an additional 294 shares during the period. Lake Street Advisors Group LLC increased its stake in shares of 3M by 10.4% during the 2nd quarter. Lake Street Advisors Group LLC now owns 2,846 shares of the conglomerate’s stock worth $291,000 after purchasing an additional 268 shares during the last quarter. Finally, Chris Bulman Inc bought a new stake in shares of 3M in the 2nd quarter valued at about $80,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Price Performance

Shares of MMM traded up $2.30 during trading hours on Tuesday, hitting $132.59. 3,414,468 shares of the company were exchanged, compared to its average volume of 2,987,922. 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 fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a market cap of $72.20 billion, a price-to-earnings ratio of 16.74, a P/E/G ratio of 2.15 and a beta of 0.95. The firm’s fifty day moving average is $130.12 and its 200 day moving average is $125.78.

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

3M Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.11%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is presently 35.35%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada reduced their price target on 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a report on Friday. JPMorgan Chase & Co. boosted their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Mizuho increased their price target on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company lifted their price objective on shares of 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $144.60.

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.