3M Co Announces Quarterly Dividend of $1.44 (NYSE:MMM)

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3M Co (NYSE:MMM) announced a quarterly dividend on Tuesday, August 6th, RTT News reports. Shareholders of record on Friday, August 16th will be given a dividend of 1.44 per share by the conglomerate on Thursday, September 12th. This represents a $5.76 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Thursday, August 15th.

3M has increased its dividend by an average of 9.9% annually over the last three years and has raised its dividend annually for the last 60 consecutive years. 3M has a dividend payout ratio of 56.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect 3M to earn $10.16 per share next year, which means the company should continue to be able to cover its $5.76 annual dividend with an expected future payout ratio of 56.7%.

NYSE MMM opened at $164.88 on Wednesday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.93 and a quick ratio of 1.34. The firm has a market capitalization of $94.04 billion, a PE ratio of 15.76, a PEG ratio of 1.73 and a beta of 1.09. The company has a 50 day simple moving average of $171.41. 3M has a 12-month low of $158.04 and a 12-month high of $219.75.

3M (NYSE:MMM) last posted its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.16. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.10 billion. 3M had a net margin of 15.27% and a return on equity of 55.05%. The company’s revenue was down 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.59 earnings per share. On average, analysts expect that 3M will post 9.29 EPS for the current fiscal year.

In other 3M news, insider John Patrick Banovetz sold 1,040 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $170.40, for a total value of $177,216.00. Following the sale, the insider now owns 5,974 shares of the company’s stock, valued at approximately $1,017,969.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David B. Dillon purchased 1,200 shares of the stock in a transaction on Friday, May 17th. The stock was acquired at an average cost of $169.50 per share, for a total transaction of $203,400.00. Following the acquisition, the director now directly owns 1,200 shares in the company, valued at $203,400. The disclosure for this purchase can be found here. Insiders own 0.83% of the company’s stock.

A number of analysts have issued reports on MMM shares. Bank of America reduced their target price on shares of 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Argus cut shares of 3M from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Citigroup reduced their target price on shares of 3M from $221.00 to $197.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. Royal Bank of Canada set a $179.00 target price on shares of 3M and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Zacks Investment Research raised shares of 3M from a “sell” rating to a “hold” rating and set a $183.00 target price on the stock in a research report on Monday, July 29th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. 3M has an average rating of “Hold” and a consensus price target of $182.54.

3M Company Profile

3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.

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Dividend History for 3M (NYSE:MMM)

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