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.
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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