3M Company (NYSE:MMM) declared a quarterly dividend on Tuesday, August 15th, RTT News reports. Investors of record on Friday, August 25th will be paid a dividend of 1.175 per share by the conglomerate on Tuesday, September 12th. This represents a $4.70 annualized dividend and a yield of 2.27%.
3M has raised its dividend by an average of 20.5% per year over the last three years and has increased its dividend annually for the last 58 consecutive years. 3M has a dividend payout ratio of 52.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect 3M to earn $9.44 per share next year, which means the company should continue to be able to cover its $4.70 annual dividend with an expected future payout ratio of 49.8%.
Shares of 3M (NYSE:MMM) traded down 0.09% during trading on Tuesday, reaching $207.18. 1,048,508 shares of the company traded hands. 3M has a 52 week low of $163.85 and a 52 week high of $214.57. The company has a market capitalization of $123.64 billion, a price-to-earnings ratio of 23.63 and a beta of 1.08. The firm’s 50 day moving average price is $207.78 and its 200-day moving average price is $196.94.
3M (NYSE:MMM) last released its earnings results on Tuesday, July 25th. The conglomerate reported $2.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.59 by $0.01. The business had revenue of $7.81 billion for the quarter, compared to analyst estimates of $7.86 billion. 3M had a return on equity of 47.83% and a net margin of 17.65%. 3M’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.08 earnings per share. Equities analysts anticipate that 3M will post $8.94 EPS for the current fiscal year.
A number of research firms have issued reports on MMM. Zacks Investment Research upgraded shares of 3M from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a report on Monday, June 19th. Stifel Nicolaus reiterated a “hold” rating and set a $202.00 target price on shares of 3M in a report on Wednesday, July 19th. Morgan Stanley reiterated an “underweight” rating and set a $191.00 target price (down from $193.00) on shares of 3M in a report on Monday, July 10th. BidaskClub downgraded shares of 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Citigroup Inc. reissued a “buy” rating and issued a $229.00 price objective (up from $220.00) on shares of 3M in a research report on Saturday, June 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $203.40.
In related news, insider Paul A. Keel sold 4,965 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $206.16, for a total value of $1,023,584.40. Following the transaction, the insider now directly owns 5,503 shares of the company’s stock, valued at approximately $1,134,498.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Marlene Mary Mcgrath sold 14,766 shares of the stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $194.88, for a total transaction of $2,877,598.08. Following the completion of the transaction, the vice president now directly owns 24,480 shares in the company, valued at $4,770,662.40. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
About 3M
3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.
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