3M Company (MMM) Announces Quarterly Dividend of $0.01
3M Company (NYSE:MMM) announced a quarterly dividend on Tuesday, November 14th, RTT News reports. Stockholders of record on Friday, November 24th will be paid a dividend of 0.0118 per share by the conglomerate on Tuesday, December 12th. This represents a $0.05 annualized dividend and a dividend yield of 0.02%.
3M has raised its dividend payment by an average of 20.5% annually over the last three years and has raised its dividend annually for the last 58 consecutive years. 3M has a payout ratio of 51.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect 3M to earn $9.60 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 49.0%.
Shares of 3M (MMM) traded up $0.77 during trading hours on Tuesday, hitting $228.22. 1,765,300 shares of the stock traded hands, compared to its average volume of 1,841,098. The stock has a market cap of $136,600.00, a P/E ratio of 25.41, a PEG ratio of 2.46 and a beta of 1.08. The company has a quick ratio of 1.47, a current ratio of 2.07 and a debt-to-equity ratio of 0.89. 3M has a twelve month low of $170.72 and a twelve month high of $238.90.
3M (NYSE:MMM) last announced its earnings results on Tuesday, October 24th. The conglomerate reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The business had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $7.93 billion. 3M had a net margin of 17.71% and a return on equity of 48.55%. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.15 EPS. equities research analysts expect that 3M will post 9.08 EPS for the current fiscal year.
A number of equities analysts have recently commented on the stock. Zacks Investment Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $258.00 target price on the stock in a report on Tuesday, November 7th. Goldman Sachs Group, Inc. (The) reaffirmed a “sell” rating on shares of 3M in a report on Thursday, October 26th. Citigroup Inc. lifted their target price on shares of 3M from $250.00 to $262.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Jefferies Group LLC lifted their target price on shares of 3M to $262.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Bank of America Corporation lifted their target price on shares of 3M from $227.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $231.16.
In other 3M news, insider Frank R. Jr. Little sold 2,719 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $206.03, for a total transaction of $560,195.57. Following the sale, the insider now directly owns 9,010 shares in the company, valued at approximately $1,856,330.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric D. Hammes sold 1,428 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $206.66, for a total transaction of $295,110.48. Following the sale, the vice president now owns 3,066 shares in the company, valued at $633,619.56. The disclosure for this sale can be found here. Insiders have sold a total of 26,951 shares of company stock worth $6,159,012 over the last 90 days. Insiders own 0.58% of the company’s stock.
3M Company Profile
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, , 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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