3M Company (NYSE:MMM) Shares Set to Pay Quarterly Dividend of $0.78

3M Company (NYSE:MMM) declared a quarterly dividend on Tuesday, November 3rd. Shareholders of record on Friday, November 13th will be given a dividend of $0.78 per share by the conglomerate on Friday, December 11th. This represents a $3.12 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, November 13th.

3M has decreased its dividend by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. 3M has a dividend payout ratio of 37.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect 3M to earn $9.82 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 31.8%.

3M Price Performance

Shares of MMM opened at $177.07 on Wednesday. The company has a market cap of $91.50 billion, a P/E ratio of 26.39, a PEG ratio of 2.32 and a beta of 1.01. The company has a quick ratio of 1.06, a current ratio of 1.41 and a debt-to-equity ratio of 3.01. 3M has a fifty-two week low of $139.34 and a fifty-two week high of $184.90. The firm’s 50 day moving average price is $168.40 and its 200 day moving average price is $161.43.

3M (NYSE:MMM) last released its earnings results on Tuesday, October 20th. The conglomerate reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.12. 3M had a net margin of 14.01% and a return on equity of 123.11%. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same period in the prior year, the firm earned $2.19 earnings per share. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, research analysts forecast that 3M will post 9.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings upgraded 3M from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 23rd. Jefferies Financial Group reiterated a “hold” rating and issued a $186.00 price objective on shares of 3M in a research report on Wednesday, October 21st. The Goldman Sachs Group reaffirmed a “buy” rating on shares of 3M in a research note on Wednesday, July 22nd. Mizuho boosted their price target on 3M from $160.00 to $180.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company began coverage on shares of 3M in a research note on Thursday, September 24th. They set an “equal weight” rating and a $195.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $185.36.

About 3M

3M is a diversified technology and manufacturing company headquartered in St. Paul, Minnesota. Founded in 1902 as Minnesota Mining and Manufacturing Company, it developed from a mining venture into a global enterprise known for applying materials science and engineering to a broad range of industrial, commercial and consumer applications.

The company develops and manufactures products including adhesives, abrasives, filtration systems, personal protective equipment, medical and dental supplies, electrical and electronic materials, automotive components, reflective materials and workplace safety solutions.