3M (MMM) to Issue Quarterly Dividend of $0.70 on September 12th

3M (NYSE:MMM) declared a quarterly dividend on Friday, August 16th, RTT News reports. Stockholders of record on Monday, August 26th will be given a dividend of 0.70 per share by the conglomerate on Thursday, September 12th. This represents a $2.80 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Monday, August 26th.

3M has increased its dividend payment by an average of 0.7% annually over the last three years and has raised its dividend every year for the last 67 years. 3M has a payout ratio of 35.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect 3M to earn $7.87 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 35.6%.

3M Price Performance

Shares of NYSE:MMM opened at $130.54 on Friday. The stock’s 50 day moving average price is $112.44 and its 200 day moving average price is $102.27. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. The stock has a market cap of $72.24 billion, a price-to-earnings ratio of -10.26, a PEG ratio of 2.34 and a beta of 0.95. 3M has a 12 month low of $71.12 and a 12 month high of $130.65.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The business had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter in the prior year, the firm posted $2.17 earnings per share. Equities research analysts anticipate that 3M will post 7.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at $21,486,484.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now owns 4,364 shares of the company’s stock, valued at $541,659.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. UBS Group raised their target price on shares of 3M from $98.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Bank of America boosted their target price on 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a report on Tuesday, July 30th. Finally, HSBC raised shares of 3M from a “hold” rating to a “buy” rating and lifted their target price for the stock from $91.13 to $115.00 in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $123.57.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's 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.