3M Company (NYSE:MMM) to Issue Quarterly Dividend of $0.73

Key Points

• 3M Company declared a quarterly dividend of $0.73 per share, payable on September 12th to shareholders of record as of August 25th, representing an annualized yield of 1.9%.
• The company reported earnings of $2.16 per share for the last quarter, exceeding analysts' expectations, along with a revenue of $6.16 billion, a 1.4% increase year-over-year.
• Various analysts have set target prices for 3M shares ranging from $160.00 to $170.00, with a consensus rating of "Hold" among investment analysts.

3M Company (NYSE:MMM - Get Free Report) declared a quarterly dividend on Friday, August 15th, RTT News reports. Stockholders of record on Monday, August 25th will be paid a dividend of 0.73 per share by the conglomerate on Friday, September 12th. This represents a c) dividend on an annualized basis and a dividend yield of 1.9%.

3M has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect 3M to earn $8.33 per share next year, which means the company should continue to be able to cover its $2.92 annual dividend with an expected future payout ratio of 35.1%.

3M Stock Up 0.2%

Shares of NYSE:MMM traded up $0.2740 during midday trading on Wednesday, hitting $154.6140. 3,258,192 shares of the company's stock were exchanged, compared to its average volume of 3,573,253. The company has a debt-to-equity ratio of 2.87, a current ratio of 1.72 and a quick ratio of 1.20. 3M has a 12 month low of $121.98 and a 12 month high of $164.15. The company has a market cap of $82.35 billion, a PE ratio of 21.50, a price-to-earnings-growth ratio of 2.99 and a beta of 1.05. The stock has a 50 day moving average price of $151.48 and a 200-day moving average price of $147.22.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The conglomerate reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.15. The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. 3M had a net margin of 16.01% and a return on equity of 96.48%. The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.93 EPS. On average, sell-side analysts anticipate that 3M will post 7.8 EPS for the current fiscal year.

Insider Buying and Selling at 3M

In other 3M news, CAO Theresa E. Reinseth sold 3,477 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $150.63, for a total value of $523,740.51. Following the completion of the sale, the chief accounting officer directly owned 2,561 shares of the company's stock, valued at $385,763.43. This trade represents a 57.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP John Patrick Banovetz sold 7,759 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $148.37, for a total value of $1,151,202.83. Following the transaction, the executive vice president directly owned 31,372 shares in the company, valued at $4,654,663.64. This represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,401 shares of company stock valued at $2,600,803. Company insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

Hedge funds and other institutional investors have recently bought and sold shares of the business. REAP Financial Group LLC boosted its stake in 3M by 88.7% in the 4th quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after purchasing an additional 94 shares during the period. Pinney & Scofield Inc. bought a new stake in shares of 3M during the fourth quarter valued at about $28,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of 3M in the first quarter worth about $28,000. WPG Advisers LLC bought a new position in shares of 3M in the first quarter valued at approximately $28,000. Finally, GFG Capital LLC purchased a new position in 3M during the second quarter valued at approximately $28,000. Institutional investors own 65.25% of the company's stock.

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.