3M (NYSE:MMM) Declares Dividend Increase – $1.51 Per Share

3M (NYSE:MMMGet Free Report) declared a quarterly dividend on Tuesday, February 6th, RTT News reports. Investors of record on Friday, February 16th will be paid a dividend of 1.51 per share by the conglomerate on Tuesday, March 12th. This represents a $6.04 dividend on an annualized basis and a yield of 6.44%. This is a boost from 3M’s previous quarterly dividend of $1.50.

3M has raised its dividend payment by an average of 0.7% annually over the last three years and has increased its dividend annually for the last 66 consecutive years. 3M has a dividend payout ratio of 58.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect 3M to earn $10.38 per share next year, which means the company should continue to be able to cover its $6.00 annual dividend with an expected future payout ratio of 57.8%.

3M Trading Up 1.1 %

MMM traded up $1.03 during trading on Tuesday, reaching $93.76. The company had a trading volume of 3,720,357 shares, compared to its average volume of 4,564,741. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. 3M has a 12-month low of $85.35 and a 12-month high of $117.21. The firm’s 50-day simple moving average is $103.73 and its 200 day simple moving average is $99.97. The company has a market cap of $51.79 billion, a price-to-earnings ratio of -7.41, a PEG ratio of 1.37 and a beta of 1.02.

3M (NYSE:MMMGet Free Report) last released its earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.11. 3M had a positive return on equity of 62.45% and a negative net margin of 21.40%. The company had revenue of $8.01 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the business posted $2.28 EPS. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts anticipate that 3M will post 9.59 earnings per share for the current year.

Hedge Funds Weigh In On 3M

Several hedge funds have recently added to or reduced their stakes in MMM. Moneta Group Investment Advisors LLC lifted its stake in 3M by 73,903.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,656,588 shares of the conglomerate’s stock valued at $798,258,000 after buying an additional 6,647,593 shares during the period. Norges Bank acquired a new position in 3M in the fourth quarter valued at about $369,974,000. Renaissance Technologies LLC lifted its stake in 3M by 1,889.1% in the first quarter. Renaissance Technologies LLC now owns 1,356,600 shares of the conglomerate’s stock valued at $201,971,000 after buying an additional 1,288,400 shares during the period. Morgan Stanley raised its position in shares of 3M by 8.3% during the fourth quarter. Morgan Stanley now owns 10,769,973 shares of the conglomerate’s stock worth $1,291,535,000 after purchasing an additional 825,223 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of 3M by 7.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 11,315,417 shares of the conglomerate’s stock worth $1,684,639,000 after purchasing an additional 758,126 shares during the period. Institutional investors and hedge funds own 65.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MMM. Wells Fargo & Company reduced their target price on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, January 24th. Royal Bank of Canada upped their price target on 3M from $83.00 to $87.00 and gave the stock an “underperform” rating in a report on Wednesday, January 24th. Barclays upgraded 3M from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $98.00 to $107.00 in a report on Monday, December 4th. Citigroup cut their price target on 3M from $117.00 to $104.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. boosted their price objective on 3M from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $106.00.

Check Out Our Latest Analysis on MMM

3M Company Profile

(Get Free Report)

3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. The 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.

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Dividend History for 3M (NYSE:MMM)

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