3M Co (NYSE:MMM) declared a quarterly dividend on Wednesday, May 15th, Wall Street Journal reports. Investors of record on Friday, May 24th will be paid a dividend of 1.44 per share by the conglomerate on Wednesday, June 12th. This represents a $5.76 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend is Thursday, May 23rd.
3M has raised its dividend payment by an average of 9.9% per year over the last three years and has increased its dividend annually for the last 60 consecutive years. 3M has a dividend payout ratio of 56.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect 3M to earn $10.54 per share next year, which means the company should continue to be able to cover its $5.76 annual dividend with an expected future payout ratio of 54.6%.
NYSE MMM traded down $1.09 on Wednesday, hitting $174.12. 2,953,002 shares of the company were exchanged, compared to its average volume of 2,628,831. The firm has a market cap of $101.00 billion, a PE ratio of 16.65, a P/E/G ratio of 1.81 and a beta of 0.99. 3M has a 12 month low of $172.79 and a 12 month high of $219.75. The company has a quick ratio of 1.38, a current ratio of 2.02 and a debt-to-equity ratio of 1.60.
3M (NYSE:MMM) last issued its earnings results on Thursday, April 25th. The conglomerate reported $2.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.50 by ($0.27). The company had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $8.02 billion. 3M had a return on equity of 57.42% and a net margin of 17.43%. The firm’s revenue was down 5.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.50 earnings per share. On average, equities analysts predict that 3M will post 9.45 earnings per share for the current year.
Several brokerages recently issued reports on MMM. Wolfe Research set a $174.00 target price on shares of 3M and gave the stock a “sell” rating in a research note on Friday, April 26th. Citigroup set a $221.00 price target on 3M and gave the stock a “buy” rating in a research report on Friday, April 26th. Deutsche Bank lowered their price target on 3M from $188.00 to $183.00 and set a “hold” rating for the company in a research report on Friday, April 26th. JPMorgan Chase & Co. lowered their price target on 3M from $158.00 to $154.00 and set an “underweight” rating for the company in a research report on Friday, March 29th. Finally, Morgan Stanley set a $184.00 price target on 3M and gave the stock a “hold” rating in a research report on Friday, April 26th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $197.92.
In other 3M news, Director Gregory R. Page bought 1,000 shares of 3M stock in a transaction on Thursday, May 9th. The shares were acquired at an average price of $176.26 per share, for a total transaction of $176,260.00. Following the completion of the purchase, the director now directly owns 4,000 shares in the company, valued at approximately $705,040. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Joaquin Delgado sold 4,897 shares of the firm’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $207.30, for a total value of $1,015,148.10. Following the transaction, the executive vice president now owns 23,191 shares in the company, valued at approximately $4,807,494.30. The disclosure for this sale can be found here. Company insiders own 0.83% of the company’s stock.
A hedge fund recently raised its stake in 3M stock. Comerica Securities Inc. raised its stake in 3M Co (NYSE:MMM) by 42.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,670 shares of the conglomerate’s stock after purchasing an additional 1,090 shares during the period. Comerica Securities Inc.’s holdings in 3M were worth $699,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 67.11% of the company’s stock.
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3M Company operates as a technology company worldwide. The company's Industrial segment offers tapes, abrasives, adhesives, ceramics, sealants, specialty materials, purification products, closure systems, acoustic systems products, automotive components, abrasion-resistant films, and paint finishing and detailing products.
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