3M Co (NYSE:MMM) declared a quarterly dividend on Tuesday, August 6th, RTT News reports. Investors of record on Friday, August 16th will be paid 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 of this dividend is Thursday, August 15th.

3M has raised its dividend payment by an average of 9.9% annually over the last three years and has increased its dividend annually for the last 60 consecutive years. 3M has a payout ratio of 56.1% indicating that its dividend is sufficiently covered by earnings. Equities 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%.

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 business has a 50 day simple moving average of $171.41. 3M has a 1-year low of $158.04 and a 1-year high of $219.75. The stock has a market cap of $94.04 billion, a price-to-earnings ratio of 15.76, a price-to-earnings-growth ratio of 1.73 and a beta of 1.09.

3M (NYSE:MMM) last released its earnings results on Thursday, July 25th. The conglomerate reported $2.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.16. 3M had a net margin of 15.27% and a return on equity of 55.05%. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period last year, the company posted $2.59 EPS. The business’s revenue was down 2.6% on a year-over-year basis. On average, sell-side analysts forecast that 3M will post 9.29 EPS for the current year.

A number of research firms have weighed in on MMM. 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 note on Monday, July 29th. Citigroup cut their price target on shares of 3M from $221.00 to $197.00 and set a “buy” rating for the company in a report on Monday, June 3rd. Gordon Haskett downgraded shares of 3M from a “buy” rating to a “hold” rating and set a $191.98 price target for the company. in a report on Monday, April 29th. Bank of America cut their price target on shares of 3M from $193.00 to $185.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Finally, Barclays restated a “sell” rating and set a $162.00 price target on shares of 3M in a report on Thursday, June 6th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $182.54.

In related news, insider John Patrick Banovetz sold 1,040 shares of 3M stock in a transaction that occurred 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 completion of the sale, the insider now owns 5,974 shares in the company, valued at approximately $1,017,969.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Dillon bought 1,200 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was bought at an average price of $169.50 per share, with a total value of $203,400.00. Following the acquisition, the director now directly owns 1,200 shares in the company, valued at approximately $203,400. The disclosure for this purchase can be found here. 0.83% of the stock is owned by company insiders.

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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