3M (NYSE:MMM) Announces Quarterly Dividend of $1.51

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 dividend yield of 6.44%. The ex-dividend date is Thursday, February 15th. This is a positive change from 3M’s previous quarterly dividend of $1.50.

3M has raised its dividend by an average of 0.7% per year over the last three years and has increased its dividend every year for the last 66 years. 3M has a dividend payout ratio of 58.0% meaning its dividend is sufficiently covered by earnings. Analysts expect 3M to earn $10.36 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 57.9%.

3M Price Performance

Shares of NYSE MMM opened at $93.84 on Thursday. 3M has a 52-week low of $85.35 and a 52-week high of $116.79. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.76 and a current ratio of 1.07. The stock’s fifty day simple moving average is $103.55 and its 200 day simple moving average is $99.85.

3M (NYSE:MMMGet Free Report) last issued its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $8.01 billion for the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the previous year, the company posted $2.28 earnings per share. 3M’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that 3M will post 9.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Mizuho lowered their price target on 3M from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Wells Fargo & Company reduced their price objective on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. StockNews.com raised 3M from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. Barclays raised 3M from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $98.00 to $107.00 in a research report on Monday, December 4th. Finally, JPMorgan Chase & Co. lifted 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 research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $106.00.

Read Our Latest Report on MMM

Institutional Trading of 3M

Institutional investors and hedge funds have recently made changes to their positions in the stock. Financial Freedom LLC acquired a new stake in shares of 3M in the fourth quarter worth about $25,000. First Capital Advisors Group LLC. acquired a new position in shares of 3M during the 2nd quarter worth about $47,000. Pacific Center for Financial Services bought a new position in 3M during the first quarter valued at about $52,000. PCA Investment Advisory Services Inc. bought a new position in 3M during the second quarter valued at about $56,000. Finally, Milestone Investment Advisors LLC bought a new stake in shares of 3M in the 1st quarter valued at approximately $68,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

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.

Further Reading

Dividend History for 3M (NYSE:MMM)

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