Range Financial Group LLC Sells 2,189 Shares of 3M (NYSE:MMM)

Range Financial Group LLC decreased its holdings in 3M (NYSE:MMM) by 29.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,334 shares of the conglomerate’s stock after selling 2,189 shares during the quarter. Range Financial Group LLC’s holdings in 3M were worth $545,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Tributary Capital Management LLC bought a new position in shares of 3M in the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. raised its position in 3M by 419.1% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after buying an additional 197 shares during the last quarter. MFA Wealth Advisors LLC bought a new position in 3M during the 2nd quarter valued at $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of 3M in the first quarter valued at about $32,000. Finally, TruNorth Capital Management LLC purchased a new stake in 3M in the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 65.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company boosted their price objective on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Vertical Research raised 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $92.00 to $140.00 in a report on Thursday, May 16th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Royal Bank of Canada lifted their target price on 3M from $93.00 to $95.00 and gave the company an “underperform” rating in a report on Monday, July 29th. Finally, Citigroup raised their price objective on shares of 3M from $100.00 to $133.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, 3M presently has an average rating of “Moderate Buy” and a consensus price target of $124.38.

3M Stock Down 0.2 %

Shares of NYSE:MMM opened at $131.93 on Thursday. The stock’s 50-day moving average is $117.39 and its 200 day moving average is $104.55. The company has a market cap of $73.00 billion, a PE ratio of -10.39, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a 1 year low of $71.12 and a 1 year high of $134.99.

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

3M Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 2.12%. The ex-dividend date is Monday, August 26th. 3M’s payout ratio is currently -22.01%.

Insider Buying and Selling

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