Range Financial Group LLC Has $643,000 Position in 3M (NYSE:MMM)

Range Financial Group LLC raised its stake in shares of 3M (NYSE:MMM) by 52.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,982 shares of the conglomerate’s stock after acquiring an additional 1,710 shares during the quarter. Range Financial Group LLC’s holdings in 3M were worth $643,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp boosted its position in 3M by 1.1% in the third quarter. State Street Corp now owns 27,194,612 shares of the conglomerate’s stock valued at $3,717,503,000 after buying an additional 302,900 shares in the last quarter. FMR LLC boosted its holdings in shares of 3M by 88.7% in the 3rd quarter. FMR LLC now owns 8,961,866 shares of the conglomerate’s stock worth $1,225,087,000 after acquiring an additional 4,212,409 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of 3M by 2.0% in the 2nd quarter. Pacer Advisors Inc. now owns 4,952,878 shares of the conglomerate’s stock worth $506,135,000 after acquiring an additional 97,340 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 3M by 1.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,815,625 shares of the conglomerate’s stock valued at $521,596,000 after purchasing an additional 43,942 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in 3M by 18.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,531,422 shares of the conglomerate’s stock valued at $258,686,000 after purchasing an additional 396,773 shares during the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Trading Up 1.8 %

Shares of 3M stock traded up $2.30 during trading 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 debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The firm has a market capitalization of $72.20 billion, a P/E ratio of 16.74, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The firm’s fifty day moving average price is $130.12 and its 200 day moving average price is $125.78. 3M has a 1-year low of $75.40 and a 1-year high of $141.34.

3M (NYSE:MMM) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The firm had revenue of $6.29 billion during the quarter, compared to analysts’ expectations of $6.06 billion. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.68 earnings per share. As a group, sell-side analysts expect 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 $0.70 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.80 dividend on an annualized basis and a yield of 2.11%. 3M’s payout ratio is 35.35%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MMM. Bank of America increased their target price on 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Melius Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Tuesday, October 22nd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Mizuho increased their price target on shares of 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada dropped their price objective on shares of 3M from $100.00 to $96.00 and set an “underperform” rating for the company in a research report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $144.60.

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.